Outsourcing is an inevitable option in this global economy. Keen to keep costs
down, companies are trying to Outsource various functions to keep their balance sheets healthy and delegate non income generating functions like IT Operations and back office operations to vendors. Recently the Indian Finance minister P Chidambaram was in Mumbai, India to reassure employees of banks who had gone on a nationwide protest, that there was no government move to privatize public sector banks. Hopefully this has quashed the fears of job losses and bank closures as this one day strike has disrupted banking operations across the country. The Indian financial also took a beating some weeks ago after the terrorist attack on their public transportation killed and injured hundred of civilians during rush hour traffic. Most of the bank employees that took part were from 3 major banking sector unions - All India Bank Employees Association (AIBEA), All India Bank Officers Association (AIBOA) and Bank Employees Federation of India (BEFI).
Indian Bank Employees Worry About Outsourcing source
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