Monday December 16, 2019
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Wednesday strike to cause an abrupt halt in banking operations

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Chennai/Agartala/Bengaluru/Kolkata: About half a million bank employees are going on strike on Wednesday as a marker of their protest against the centre’s economic and labour policies. This will result in an abrupt halt in banking and insurance operations in India as cheques will not be sent for clearance. This one day delay would cause a huge setback.

This protest will also include employees from public sector, old private sector, cooperative sector, and regional rural banks. However, employees of Indian Overseas Bank and State Bank of India are not taking part in this strike.

In addition to delays in cheque clearance, the refilling of currency notes at automatic teller machines (ATM) will also be affected.

“Across the country around 500,000 bankers – workers and officers – would be participating in the strike. Around 75,000 branches will not work tomorrow (Wednesday),” All India Bank Employees’ Association (AIEBA) general secretary C.H.Venkatachalam told IANS.

Resounding with the problems faced by the workers, he said, “There are open attempts to amend labour laws in favour of the employers and to the detriment of the workers. The neo-liberal economic policies are only aggravating the problems of the workers and common masses.”

“More and more private capital and foreign direct investments are being encouraged. Private sector companies are being given licences to begin banking business,” he said.

He believes that the Regional Rural Banks are sought to be privatised. Despite the protests from employee unions, a bill has been passed in the parliament.

About 50,000 bank employees, including about 20,000 in Bengaluru are participating in the all-India shut down on Wednesday.

Image Source: article.wn.com
Image Source: article.wn.com

Upon asked whether they were apprehensive of the authorities going all out to break the strike, BEFI’s (Bank Employees Federation of India) Biswas said: “That we will see tomorrow. But I can tell you that we are prepared for all eventualities.”

He added that the unions in the sector are demanding early conclusion of wage negotiations, finalisation of promotion policy and scrapping of outsourcing, etc.

However, associations representing the officers in LIC and the four government-owned non-life insurers are not participating in the strike.

(with inputs from IANS)

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Facebook gets Sued by Mobile Banking App over Similar Logos

Facebook's Libra cryptocurrency project cuffs another obstruction

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Facebook
Facebook's Libra cryptocurrency project logos has hit another blockade. Pixabay

Facebook Libra cryptocurrency project has hit another roadblock, as a mobile banking app has sued its Calibra subsidiary over similar logos.

Interestingly, both the logos were designed by San Francisco-based branding firm ‘Character’, which has also been named as a defendant in the lawsuit.

According to the lawsuit filed by a mobile banking firm named Current, Calibra’s logo “is not only confusingly similar to, but virtually identical to the Current Marks”.

It’s still unclear how it happened, but Current had filed an application for its logo on June 26, a few days after Calibra was unveiled, Engadget reported on Sunday quoting CoinDesk.

Facebook
Apart from Facebook, several companies such as Visa, Mastercard and eBay pulled out of the Libra cryptocurrency. Pixabay

Calibra was introduced as the division that would oversee Facebook’s cryptocurrency plans, including the development of a digital wallet.

Meanwhile, several companies such as Visa, Mastercard and eBay pulled out of the Libra cryptocurrency project ahead of their first meeting in Geneva on October 14.

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PayPal was the first to announce its withdrawal from the Libra Association, the 28-member non-profit organisation formed by the social networking giant for the global roll out of its digital currency Libra in 2020. (IANS)