Agency. Employees of 13 public sector companies have gone on strike saying that the government bank has incurred a loss of Rs 2.85 lakh crore. Employees are protesting as the government is using these banks for bailout. Due to which the bank unions have been on strike for two days.

B Rambabu, coordinator of the United Forum of Banks Union (UFBU), said banks were being used to bailout institutions such as IL&FS. These institutions are secured by a number of banks including State Bank of India (SBI). He said that the union has decided to go on strike on December 3 and 4 against the Banking Act Bill 2021.

The union has also opposed the central government's decision. They have also opposed the decision to privatize public sector government banks. According to the statistics, the union has stated that 13 companies have to pay a total of Rs 4.86 lakh crore. Out of this, Rs 1.61 lakh crore has been recovered. However, the remaining Rs 2.85 lakh crore is still stuck.

At present, all the government banks, big and small, are in profit. Due to which the government will not make any provision in the budget for giving money to these banks for the coming financial year. Currently, there are 12 public sector banks in the country. The government wants to bring them down to eight. Lately, many banks have merged to become one big bank. SBI is the largest bank in the country followed by Punjab National and Bank of Baroda.