New Delhi: The All India Bank Employees Association (AIBEA) today organised a nationwide Dharna at Jantar Mantar, New Delhi, to highlight the growing concerns of employees in private banks and to demand nationalisation of all private banks. The protest drew participation from bank employees across the country and was supported by AITUC and other central trade unions, as well as leaders of political parties and Members of Parliament who extended solidarity.
AIBEA emphasised that the 21 private banks in India currently hold deposits worth ₹85 lakh crore, representing the hard-earned savings of ordinary citizens. The union warned that government policies allowing foreign investors to take control of these banks pose a serious risk to depositors’ money, which could be diverted for speculative profit-making rather than serving national interests. Several examples of foreign takeovers were cited, including CSB Bank acquired by Canada’s Fairfax, Lakshmi Vilas Bank sold to DBS Bank of Singapore, Yes Bank with ₹13,500 crore investment from Japan’s Sumitomo Mitsui Banking Corp, RBL Bank with ₹26,000 crore investment from Emirates NBD of Dubai, Federal Bank with ₹6,200 crore investment from Blackstone of New York, and IDFC Bank with ₹7,500 crore investment from Warburg Pincus and Abu Dhabi Investment Authority.
The Dharna also highlighted issues of employee exploitation in private banks, where permanent recruitment is avoided and contract-based employment is rampant, leaving workers without job security or regulated working hours. Pensioners of private banks have been denied the additional ex-gratia pension granted to public sector bank retirees since November 2022. Trade union leaders in Federal Bank face victimisation despite protections under the Industrial Disputes Act, while Nainital Bank, a subsidiary of Bank of Baroda, is being considered for sale to corporates — prompting AIBEA to demand its merger with BoB. Concerns were also raised about Tamilnad Mercantile Bank retiring employees at 58 years instead of the sector-wide norm of 60, and CSB Bank’s failure to revise wages since 2017 despite industry-level settlements.
AIBEA reiterated that nationalisation of private banks is essential to safeguard depositors’ interests, ensure fair treatment of employees, and strengthen the country’s economy. The Dharna served as a powerful reminder of the need to protect the banking sector from unchecked foreign control and to uphold the rights of workers and pensioners.
