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The Silicon Review Asia

GoI declares banking sector as public utility service till October 21st

GoI declares banking sector as public utility service till October 21st

The strict lockdown in India has been eased from today and it is observed that some sectors have to face some strict rules from the government. With this said, the GoI has declared banking industry as a public utility service for six months till October 21 under the provisions of the Industrial Disputes Act.

This means that the banking sector would not see any strikes by employees or officers during the operation of the law. As per the act, employees and officers of the highly unionized banking sector would not be able to go on strike besides certain other activities, according to an industry expert.

In a circular, the Department of Financial Services said the labour and employment ministry through a notification has declared "banking industry as a public utility service" for six months with effect from 21 April.

The notification was issued by the labour ministry on 17 April against the backdrop of the coronavirus pandemic which has significantly impacted economic activities.

The Department of Financial Services' circular has been addressed to the RBI Governor, SBI Chairman, Managing Directors and CEOs of nationalized banks, and the CEO of Indian Banks' Association (IBA).

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