AIBOC CIRCULAR NO. 83 DATED 4TH JUNE 2010

AIBOC issued its circular No. 83 on successful implementation of All India Strike Action today by United Forum of Bank of Rajasthan Unions. We are reproducing the same here for our readers.

CIRCULAR NO: 83                              4^th JUNE, 2010

TO ALL AFFILIATES/MEMBERS:

SUCCESSFUL IMPLEMENTATION OF ALL INDIA STRIKE ACTION TODAY BY UNITED FORUM OF BANK OF RAJASTHAN UNIONS

Massive demonstrations were held before the branches and Offices of Bank of Rajasthan today by employees and officers under the banner of United Forum of Bank of Rajasthan Unions, and observed successfully an All India strike     to-day and the strike will continue tomorrow also.  We hope that, a loud and clear message from the employees and officers of the Bank having 463 branches throughout the country with workforce of 4200 employees has been conveyed to the Government and the powers that be.  It is pride of Rajasthan with 67 years of service to the people of the country and in particular the State of Rajasthan.  The Bank which has booked operating profit of Rs. 130 crores for the year is sold by a promoter with vested interest to a Foreign Bank with the sole aim of making  money at the cost of the people of the Country.  We do not understand how a single individual can hold stock of the Bank to the extent of above 55% when there is a restriction of RBI, that no individual can hold more than 10% of the stock of the Bank.

The Bank is fundamentally strong which enjoys faith and confidence of the people of Rajasthan.  There is a wide spread dissatisfaction and opposition by the people of the State of Rajasthan against the unilateral decision of the Board of the Bank to merge it with ICICI Bank.  There are complaints pending at RBI on acquisition of the Bank by the Tayals through fraudulent manner.  In Feb 2010, RBI has imposed penalty of Rs.25/- lacs on Tayals for several irregularities committed by them.  There is a need to initiate a high level enquiry into the entire deal and passing of a resolution on the merger of the Bank at Board meeting held on 23.05.2010, where five Directors, including the Managing Director abstained.

Comrades, the injustice meted out by the ICICI Management on the employees of Bank of Madura and Sangli Bank is still green in our memory.  A large number of employees have been victimized and thrown out of the Bank.  The ICICI Bank is allergic to trade unions in the Bank and follows ‘hire and fire’ policy.  The aim of  ICICI Bank is to make use of the vast network of the Bank to increase its profitability, rather than continuing the social objectives of  Bank of Rajasthan.

We have taken up the matter with the Government of India and RBI for their intervention to prevent the unwanted merger.  There is a need to change the Banks Board, offer stock option to the employees and the Bank will definitely prosper.  The Government of India should also consider Nationalisation of the Bank or merge it with a Public Sector Bank.  The brave fighting members of the Bank are on agitation with full determination to stop merger of the Bank and retain individual identity of the Bank.

AIBOC has extended fraternal support to all the agitational programmes of the UFBRU.  We congratulate and compliment the members for 100% participation in demonstrations, Dharna and Strike actions.  The issue will be taken to the logical end.

We request all our affiliates / members to extend fraternal support to the fighting comrades of Bank of Rajasthan for a just cause.

WE SHALL FIGHT – TILL WE SUCCEED

WE SHALL FIGHT – WE SHALL FIGHT

With revolutionary greetings,

Sd/-

(G.D. NADAF)

GENERAL SECRETARY