Bank unions call off March 15 strike plan

"The forum met over the weekend and decided to withdraw the strike called on March 15," CH Venkatchalam, general secretary of the All-India Bank Employees Association (AIBEA) said in a statement today.

The statement further said the forum is seriously concerned over the manner in which a mega fraud has taken place at PNB and the way banks stand exposed to such unthinkable risks.

"However, the meeting also noted that instead of a full-scale investigation, attempts are being made to single out a few lower level employees as if they alone are responsible for the fraud."

The forum also questioned the efficacy of the bank's monitoring system saying, "no one can hide the fact that there is gross negligence of control, supervision and monitoring as well as possibilities of complicity at various higher levels of management including the top PNB officials."

They also demanded the ascertain the role of the Reserve Bank's monitoring system saying "equally, one cannot absolve RBI for its failure to play its role and responsibilities which would have otherwise unearthed these irregularities much earlier," the statement said.