The two days strike by one million employees of all 27 public sector banks, 12 private banks and 8 foreign banks is a bad augury.It must be borne in mind that India was largely insulated against the world financial crisis mainly because of the stability of our public sector banks. As these banks have stood away from unorthodox and unlawful banking practices followed by the multinational banks, it helped India to avoid financial crisis. But instead of strengthening of these banks, the government seems to ruin them by outsourcing some of the functions of the banks. By avoiding timely recruitment to the vacant positions due to retirement and branch expansion, the government is doing dis-service to the banking sector.Of course these banks have to be more efficient in rendering services to the people. Of late, corruption and malpractices by a small section of the officers have affected the efficiency of these banks. The government should take steps to root out corruption.
