Government Declares Banking Services as Public Utility Service
The government recently notified that the banking services would be categorised as a public utility service for the next 6 months.
Banking services are to be categorised as public utility services till the 21st of October. The Union Ministry of Labour and Employment declared the categorisation under the provisions of the Industrial Disputes Act. This is in view of the economic impact of the COVID-19 crisis and the lockdown conditions.
Industrial Disputes Act
The Industrial Disputes Act is a labour law passed in 1947. The section 22 of the Industrial Disputes Act provides that the persons engaged in public utility services cannot resort to strikes without prior notice to the employers.
The Union Ministry of Labour had previously declared the banking sector as a public utility service in April 2019 along with fuel gases industry and the nuclear industry, in the public interest. The status was again given for six months in October 2019.