Indian bank staff strike over outsourcing

business-times.asia1.com.sg :

As many as half a million employees of Indian banks went on strike in protest against their employers' plans to farm out work to private companies. Indian bank workers are concerned about losing their jobs as the government says it can't afford to inject fresh funds and is encouraging stake sales and mergers.

The central bank has said that it would allow banks to outsource banking services to a new payments firm owned by public and private sector banks in a bid to create a central payments system, aimed at streamlining current payment methods that are a mix of electronic and antiquated paper based systems. The government has also announced plans to allow foreign banks to set up wholly owned units or to buy stakes in private domestic lenders. Bank unions said that the privatisation and outsourcing moves would lead to job losses.

- Now this is news indeed : *Indians* worried about outsourcing? The very country which has been the final destination for millions of jobs in call centres, IT, legal, accountancy and more? Interesting.

(2006-08-01 11:28:37 SGT) [Biz] Permalink

Comments:

Post a Comment:

Comments are closed for this entry.

« Stock market crash... | Main | Virgin Fuel : Branso... »

Most popular blog postings on lowem.log :

1. Singapore SIBOR rate falls to 0.94% in Nov 2008, lowest since Jul 2004
2. Baltic Dry Index falls 93% as shipping rates plunge, signalling global economic collapse
3. Singapore SIBOR rate falls to 1.31%, lowest since Nov 2004
4. Singapore SIBOR interest rates fall to 1.5%, lowest since Dec 2004
5. Live spot gold price quotes chart on COMEX
6. 2010 Honda Civic Hybrid preliminary specifications released
7. Fuel prices seen stoking Malaysia inflation in 2008
8. How to insert currency exchange rates into Google Spreadsheets

Featured articles on lowem.log :

1. ABC Guide to Beating Inflation in Singapore and Elsewhere
2. Singapore inflation rate hits new 26-year high of 7.5% in Apr 2008
3. Baltic Dry Index falls 93% as shipping rates plunge, signalling global economic collapse
4. 67000 China factories closed in H1 2008 as global economic collapse takes hold
5. 2010 Honda Civic Hybrid preliminary specifications released
6. Peakoiler buys 2008 Honda Civic Hybrid FD3
7. NYMEX crude oil recovers from $32.40 low after 2.2 mbpd OPEC production cut announced
8. Singapore SIBOR rate falls to 0.94% in Nov 2008, lowest since Jul 2004