India: A costly (SBI) strike finishes

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Apr 9

India: A costly (SBI) strike finishes

Razib Ahmed

Know More: India, India companies, Indian business, Indian economy 2.0, Indian economy

Nearly 10 days ago, I praised the condition of banking sector of Paksitan in one of my entries. There I stated that 10 years ago Pakistan banks faced a lot of problems and labor unrest was one of them. Now when the banks in Pakistan are doing extremely well it seems that labor unrest is going to affect the Indian banking sector. Just a few hours ago today, the workers of State Bank of India (SBI) had agreed to call off their weeklong strike. SBI is the largest commercial bank in India and an all our strike since 3 April has crippled not only the banks but many small businessmen too. The union leaders call the strike in demand of a substantial rise in pension and they have got almost what they wanted.

Indian Finance Minister P Chidambaram, announced the information of the ending of the strike a few hours ago. I feel that the Indian government and the decision makers of State Bank of India (SBI) had acted decisively before the beginning of the strike. Yesterday, in the Internet edition of the Hindustan Times, I saw a news item with the title, "SBI strike: Small-scale sector in SOS mode". Poor the small businessmen. The workers of SBI are happy now for getting what they demanded. The government officials have sigh of relief and but the main casualties of the strike are the thousands of customers.

I just wish that both the Indian government and the bank high ups learn something from this crisis and next time can avert a strike before it begins.

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