Professional Documents
Culture Documents
1
BANK STRIKE (1979) Branches affected most were in CITU
dominated Calcutta and Bombay. In the
mean time Grindlays was betrayed in
Major strike call by 56 branches of
part by Merchantile Bank which paid
Grindlays Bank in mid November 1979,
lump sum of Rs. 3500 as settlement
by AIBEA affiliated to AITUC (AITUC
money and Chartered Bank which
till 1990s was dominant union in
agreed to pay 20% bonus for all
banking industry). Employees owed
employees. Because of this Bank’s
allegiance to CITU or its banking
customers accused Grindlays of rigidity,
federation – the BEFI, even though
but management continued to be
officially the AIBEA was involved.
adamant.
Dominant issue was employment, a pet
On 28 January 1980, employees at
issue of CITU in 1970s and 80s. Recall
branches in Delhi, Amritsar, and
that employment in banking industry
Srinagar withdrew from strike and
after the initial phase of rationalization
joined work, but other centers continued
in late 1960s, had stagnated for some
to be strike-bound. In response to this
time making recruitment negligible
management put out advertisement
during late 1970s and to this was added
condemning the strike as illegal and
the mechanization measures started
appealing in the name of customers.
during this period.
Ultimately in February 1980,
While the main demand was against
government intervened first by
mechanization, bonus was also
appealing to both the parties to sit for
demanded and the reason for that was
discussion and then by constituting
managerial salaries had increased so
national tribunal in Bombay. The
employees felt they should also share in
condition was that management shall
extra profits though statutory bonus rate
not have to concede to anything more
was 4%.
than what they legally required to pay,
however, they paid a price later in terms
of shrinkage of deposits and lending.