GENERAL KNOWLEDGE

Detailed explanation-1: -Banking services are considered public utility services, declared under the Industrial Dispute Act of 1947. The rationale behind this declaration is that there are certain objectives of this Act. The first objective is to resolve the industrial disputes without any intervention from the Government.

Detailed explanation-2: -The Ministry of Labour and Employment (MoL&E) on December 15, 2022, issued a notification to declare services of the industries engaged in the Banking industry to be public utility service for the purposes of the the Industrial Disputes Act of 1947.

Detailed explanation-3: -public utility, enterprise that provides certain classes of services to the public, including common carrier transportation (buses, airlines, railroads, motor freight carriers, pipelines, etc.); telephone and telegraph; power, heat, and light; and community facilities for water, sanitation, and similar services.