Monday, Aug 08, 2022

Bank Strike Today And Tomorrow: A Look At How Services Are Likely To Be Impacted

Many regular services would be mostly affected due to the strike, however ATMs will continue to work normally

Representational Image

United Forum of Bank Unions (UFBU) has given a call for a nationwide strike to protest against the proposed privatisation of two state-owned lenders, leading to a 2-day hit in the banking operations, ie on Monday and Tuesday

An umbrella body of nine unions, United Forum of Bank Unions (UFBU) in a statement claimed that about 10 lakh bank employees and officers of the banks will participate in the strike.

Here are the services which is likely to be impacted:

Services such as deposits and withdrawal at branches, cheque clearance and loan approvals would be affected due to the strike.

Banks have  informed that they are taking necessary steps for the smooth functioning of bank branches and offices.

ATMs may not witness any impact due to the nationwide strike

Many public sector lenders, including State Bank of India (SBI) have informed their customers that their normal working could be affected at the branches and offices if the strike materialises.

The regular banking operations have been experiencing interruption in continuing services since Friday, as the banks were closed on weekends, and adding the two-day strike, the operations may be hit till 4-days in a row.

Privatisation of Banks:

In the Union Budget presented last month, Finance Minister Nirmala Sitharaman had announced the privatisation of two public sector banks (PSBs) as part of the government's disinvestment plan.

The government has already privatised IDBI Bank by selling its majority stake in the lender to LIC in 2019 and has merged 14 public sector banks in the last four years.

Conciliation meetings - before the Additional Chief Labour Commissioner on March 4, 9 and 10 - did not yield any positive result, so the strike stands, All India Bank Employees Association (AIBEA) general secretary C H Venkatachalam said.

Who are protesting?

Members of UFBU include All India Bank Employees Association (AIBEA), All India Bank Officers' Confederation (AIBOC), National Confederation of Bank Employees (NCBE), All India Bank Officers' Association (AIBOA) and Bank Employees Confederation of India (BEFI).

Others are Indian National Bank Employees Federation (INBEF), Indian National Bank Officers Congress (INBOC), National Organisation of Bank Workers (NOBW) and National Organisation of Bank Officers (NOBO).

With PTI Inputs