Bank strike on Wednesday, services to be affected
New Delhi, Dec 25: Services of state-owned banks are expected to be impacted Wednesday due to a nation-wide strike call given by unions to protest against the proposed amalgamation of Vijaya Bank and Dena Bank with Bank of Baroda.
This will be the second bank strike in less than a week.
Last Friday (December 21), an officers' union of state-run banks observed a day-long strike to protest against the merger and also demanded immediate settlement of wage negotiations.
Most of the banks have already informed customers about the strike.
Private sector banks will continue to function as usual.
The strike is being organised by the United Forum of Bank Unions (UFBU), an umbrella organisation of nine unions, including the All India Bank Officers Confederation (AIBOC), the All India Bank Employees' Association (AIBEA), National Confederation of Bank Employees (NCBE) and the National Organisation of Bank Workers (NOBW). The UFBU claims membership of 10 lakh officers and staffers.
According to AIBEA General Secretary C H Vekatachalam, the conciliation meeting called by Additional Chief Labour Commissioner did not lead to any assurance and so the unions are going ahead with the strike.
During the meeting, neither the government nor the concerned banks came forward to assure that they will not go ahead with the merger, he added.
The unions claim that the government wants banks to grow in size by such mergers but even if all public sector banks are bundled into one, the merged entity will not find a place among the top 10 globally.
The government in September approved the amalgamation of Bank of Baroda (BoB), Vijaya Bank and Dena Bank -- the first three-way merger in the public sector banking space.
The move follows top lender State Bank of India last year merging five of its subsidiary banks with itself and taking over Bharatiya Mahila Bank, catapulting it to among the top 50 global lenders.
On wage revision, NOBW Vice President Ashwani Rana it is due since November 2017. So far, Indian Banks' Association (IBA) has offered 8 per cent wage hike which is not acceptable to UFBU, he said.
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Lok Sabha refers Corporate Laws (Amendment) Bill to JPC
New Delhi (PTI): The Lok Sabha on Monday referred the Corporate Laws (Amendment) Bill, 2026, to a joint parliamentary committee comprising members from both Houses of Parliament for a detailed analysis and recommendations.
The decision was taken following a voice vote after Finance Minister Nirmala Sitharaman suggested it.
Earlier, after the Bill was introduced in Lok Sabha, opposition members Manish Tewari (Congress), Saugata Roy (Trinamool Congress) and T Sumathy (DMK) strongly opposed it, alleging that the legislation sought to dilute the provisions of law under which companies mandatorily have to pay 2 per cent of their profits towards corporate social responsibility (CSR).
The finance minister strongly refuted the allegations and said that the Bill has been introduced after two years of deliberations.
She said the apprehensions of the members were unfounded as the Bill seeks to amend only the criteria of net profits, not the entire clause related to CSR.
Sitharaman then suggested to Speaker Om Birla that the Bill be sent to a joint parliamentary committee (JPC) for extensive deliberations and proper suggestions.
At this, Tewari said that since a parliamentary standing committee on corporate affairs is already in place, the Bill should be sent to that panel rather than constituting a new JPC.
Intervening the Congress MP, Home Minister Amit Shah said that none of the opposition members talked about referring the legislation to a parliamentary committee, and now, when the finance minister herself has sought it, they were arguing as to which panel the Bill should be sent.
Speaker Birla then put the proposal of the finance minister to a vote, and it was approved with a voice vote by the House, sending the Bill to a JPC for which the members will be selected later.
The Corporate Laws (Amendment) Bill, 2026, aims to amend the Limited Liability Partnership (LLP) Act, 2008, and the Companies Act to facilitate ease of doing business and address the gaps identified by the Company Law Committee in its 2022 report.
The Union Cabinet had already okayed the proposed Bill, aimed at further easing the compliance burden on businesses and advancing the government’s agenda of decriminalising minor corporate offences.
The proposed amendments are expected to rationalise penalties, shift several minor procedural lapses from criminal liability to monetary penalties, and streamline regulatory processes to promote ease of doing business.
The reforms are also aimed at improving the overall corporate compliance framework while reducing litigation and encouraging a more facilitative regulatory environment for companies and LLPs.
Sitharaman also said the Bill is aimed at promoting further ease of doing business and ease of living for corporates by decriminalising more provisions and amending certain other provisions.
It is aimed at providing ease of compliance for ‘one person companies’, small companies, startups and producer companies, the minister said in the Bill's statement of objects and reasons.
According to Sitharaman, the amendments also seek to streamline the existing regulatory practices to strengthen as well as recognise new concepts in light of the rapidly evolving corporate landscape and changing business practices.
