Banking Industry declared as Public Utility Service for 6 months

Under the provisions of the Industrial Disputes Act, the Banking Industry has been declared by the Government of India as a “Public Utility Service”. This step has been taken by the government in purview of the coronavirus pandemic which has deeply impacted the economic activities. As per the notification issued by the Labour Ministry, the Banking Industry has been declared as a “Public Utility Service” for a period of 6 months i.e. till 21st October 2020.

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Inclusion of the Banking Industry under the provision of the Industrial Disputes Act prohibits the banking sector employees to go on strike. It indicates that during the operation of the law that commenced from April 21, 2020, the banking sector would not see any strikes by the employees or officers.

Important takeaways for all competitive exams:

  • Minister of State (I/C) for Labour and Employment: Santosh Kumar Gangwar.

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