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One million bank staff strike against privatisation of Public Sector Banks

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All India Bank Strike

Deposit and withdrawal in bank branches, cheque clearance, NEFT and RTGS transactions will be affected 

Services at public sector banks (PSBs) has been hit today as all the unions under the aegis of United Forum of Bank Unions (UFBU) have observed one day strike to protest against the privatisation of PSB’s, and their merger and consolidation. However, the private sector banks such as ICICI Bank, HDFC Bank, Axis Bank and Kotak Mahindra Bank will continue to function normally except delays in cheque clearance.

Deposit and withdrawal in bank branches, cheque clearance, NEFT and RTGS transactions will be affected. “Around 40 lakh cheque clearances worth Rs 22,000 crore would be impacted due to the strike”, said General Secretary of AIBEA  C.H. Venkatachalam.

But, the critical operations like data centers will remain open to facilitate online transactions.

Besides opposing the government’s consolidation move, the other demands by the unions include not to write off bad loans, and to declare willful default of bank loans as a criminal offence. Notably, Gross bad loans of Indian banks rose over 24 percent year-on-year to Rs 779000 crore at the end of June 2017. Of this, Rs 683000 crore belongs to public sector banks.

United Forum of Bank Unions (UFBU) is an umbrella body of nine unions, including All India Bank Officers’ Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organisation of Bank Workers (NOBW).

“Nearly one million bank employees across all 21 public sector banks are on strike today,”added Venkatachalam.

The Indian Banks’ Association (IBA) has already informed customers that the functioning of branches and offices will be affected due to the strike. It has also asked the banks to take measures in advance to minimise the impact.

Citing the reason, AIBOC General Secretary D T Franco said, “As the conciliation meeting before the Chief Labour Commissioner failed, unions are left with no other option but to go on strike. There was no assurance from the government and the management of banks.”

“All attempts to hammer out solutions to the demands raised by the unions yielded no result and hence, UFBU decided to proceed with the proposed strike on August 22,” Franco added.

NOBW Vice-President Ashwini Rana said, the government should provide overtime for additional work during demonetisation. He also suggested that banks should not pass on the burden of corporate  Non-Performing Assets (NPAs) to bank customers by hiking charges.

NPA basically refers to a classification of loans on the books of financial institutions that are in default or are in arrears on scheduled payments of principal or interest. In most cases, debt is classified as nonperforming when loan payments have not been made for a period of 90 days.

In India, 21 PSB’s such as State Bank of India, Punjab National Bank, Bank of Baroda control 75 percent of the total business.

India News

Didn’t violate party line: Shashi Tharoor defends stand on Operation Sindhoor

Shashi Tharoor says his stance on Operation Sindhoor was driven by national interest and insists he did not violate the Congress party line.

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Congress MP Shashi Tharoor says his views on Operation Sindhoor were guided by national interest and aligned with India’s security priorities

Congress MP Shashi Tharoor on Saturday said he has never crossed the Congress party’s stated positions inside Parliament, asserting that his only principled public disagreement was related to Operation Sindhoor.

Speaking during a session at the Kerala Literature Festival, Tharoor said he had taken a firm stand on the issue and remained “unapologetic” about it. His remarks come amid recent reports highlighting differences between him and sections of the party leadership, with speculation around his dissatisfaction over not being adequately acknowledged at a recent event in Kochi and alleged attempts by state leaders to sideline him.

Clarifying his position, Tharoor said that as a writer and observer, he had penned a newspaper column after the Pahalgam incident, arguing that the attack should not go unpunished and calling for a limited kinetic response. He added that while India’s primary focus remains development, the country should not be drawn into a prolonged conflict with Pakistan.

According to Tharoor, any response should be restricted to targeting terrorist camps rather than escalating tensions. He noted that he was surprised when the government eventually took steps that mirrored the approach he had outlined.

Referring to Jawaharlal Nehru’s famous words, “Who lives if India dies?”, Tharoor said that when the country’s security and global standing are at stake, national interest must take precedence over political differences.

He added that while political parties may disagree on various issues in the process of strengthening democracy, India must come first whenever core national interests are involved.

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India News

India to start first commercial semiconductor chip production in 2026, says Ashwini Vaishnaw

India is on track to begin its first commercial semiconductor chip production in 2026, with pilot production already underway and investments nearing $90 billion, according to Union Minister Ashwini Vaishnaw.

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Union Electronics and Information Technology Minister Ashwini Vaishnaw on Friday said India remains on schedule to begin commercial semiconductor chip production in 2026, in line with the targets outlined under the India Semiconductor Mission launched in January 2022.

Speaking to media, the minister said the government had committed to starting commercial production within five years of the mission’s launch and that the timeline is being met.

“The first commercial production will begin in 2026. Four semiconductor plants are expected to start operations this year, while pilot production has already begun at three plants in 2025,” Vaishnaw said.

Semiconductor ecosystem taking shape

The minister said India’s semiconductor ecosystem is developing rapidly, with global equipment manufacturers setting up operations in the country and a strong materials manufacturing base emerging alongside.

He added that the talent pipeline is progressing faster than expected. Against a target of training 85,000 skilled professionals over 10 years, India has already trained around 65,000 people in just four years, he said.

Vaishnaw noted that several milestones under the first phase of the Semiconductor Mission are either on track or ahead of schedule, reflecting growing confidence in India’s manufacturing ambitions.

Investments near $90 billion, more expected

On the investment front, the minister said total investments in the semiconductor sector have reached close to USD 90 billion so far. He added that committed investments could rise to around USD 150 billion as India approaches the upcoming AI Impact Summit scheduled to be held in New Delhi from February 16 to 20.

According to Vaishnaw, global semiconductor players are increasingly supportive of India’s efforts and are keen to participate in the country’s expanding chip manufacturing ecosystem.

ASML equipment for Dholera fab

Highlighting the importance of advanced manufacturing technology, Vaishnaw spoke about his visit to Veldhoven in the Netherlands, where he visited the headquarters of ASML, the world’s leading supplier of lithography equipment used in semiconductor manufacturing.

He said lithography remains the most complex and precision-intensive process in chip production and confirmed that India’s upcoming semiconductor fabrication facility in Dholera, Gujarat, will use equipment supplied by ASML.

Vaishnaw said the interest of global equipment manufacturers in India reflects the country’s strong design capabilities, large talent pool and consistent policy environment.

India’s progress in AI and global confidence

The minister also highlighted India’s growing role in artificial intelligence, stating that the country is developing strength across multiple layers of the AI stack, including applications, sovereign models, chips and infrastructure.

He said global industry leaders expressed strong confidence in India’s semiconductor and AI journey during discussions at the World Economic Forum in Davos, with many indicating their willingness to contribute to India’s long-term goals.

The India Semiconductor Mission, approved by the Union Cabinet in December 2021 with an outlay of Rs 76,000 crore, aims to support semiconductor fabrication, display manufacturing and chip design, and position India as a global hub for electronics manufacturing and innovation.

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India News

Rain in Delhi, snowfall in Kashmir as north India sees weather shift

Rainfall in Delhi and fresh snowfall in Kashmir and Manali point to a significant weather shift across north India, impacting flights, trains and temperatures.

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Snowfall

Light to moderate rainfall was recorded across several parts of Delhi on Friday morning, accompanied by thunderstorms, lightning and strong winds. Cloudy conditions are likely to persist through the day, according to weather updates.

The India Meteorological Department issued an orange alert early morning, warning of short but intense spells of rain along with moderate thunderstorm activity in multiple pockets of the city.

Areas such as Narela, Bawana, Alipur, Burari, Kanjhawala, Rohini, Badli, Model Town, Azadpur, Pitampura, Mundka, Paschim Vihar, Punjabi Bagh, Rajouri Garden, Jaffarpur, Najafgarh and Dwarka are expected to be affected. These regions may witness lightning and fast-moving winds along with rainfall.

The rain is likely to provide relief from prevailing temperatures in Delhi and nearby regions.

Fresh snowfall blankets Kashmir Valley

Several areas in the Kashmir Valley, including the popular ski destination of Gulmarg, received fresh snowfall as a strong western disturbance impacted Jammu and Kashmir. Snowfall began late Thursday evening in Gulmarg, located in Baramulla district.

High-speed winds were also reported across Srinagar and other plains of the valley.

Due to the continuing snowfall, authorities at Srinagar Airport have indicated that flight operations may take longer than usual to return to normal. Train services were affected, and the Srinagar–Jammu national highway was blocked following snow accumulation.

Himachal Pradesh’s Manali also witnessed fresh snowfall, covering the hill town in a white blanket and bringing cheer to residents and tourists.

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