Wednesday, August 10, 2022

Bank strike: Here’s how 2-day strike has hit key banking services

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  • The UFBU said that as many as 10 lakh PSU bank employees are expected to take part in the two-day strike that began on Monday

  • Even though the bank strike will go on for two days — March 15 and 16 — banks have been shut for four days at a stretch, starting from March 13

New Delhi: Banking operations across the country were impacted on Monday as nine bank unions took part in a nationwide strike against the government’s public sector bank (PSB) privatisation plan and ‘retrograde banking reforms.’ The strike call was issued by the United Forum of Bank Unions (UFBU), an umbrella body of these nine bank unions. The UFBU said that as many as 10 lakh PSU bank employees are expected to take part in the two-day strike that began on Monday. 

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Even though the bank strike will go on for two days — March 15 and 16 — banks have been shut for four days at a stretch, starting from March 13, which was the second Saturday of the month. 

Here are key things you need to know about the bank strike:

1.    Deposits and withdrawal at branches, cheque clearance, opening of new accounts and loan approvals have been impacted due to the two-day bank strike. 

2.    Public sector banks have advised customers to use their digital channels like internet or mobile banking and ATMs for making transactions during the strike.

3.    Money markets and stock markets will also face problems as payments would be impacted due to the bank strike.

4.    The list of public sector banks where services have been impacted due to the bank strike include State Bank of India (SBI), Canara Bank, Bank of Maharashtra (BoM), Indian Overseas Bank, Central Bank of India, Bank of India, among others.

5.    The strike comes in the backdrop of Finance Minister Nirmala Sitharaman announcing the government’s plan to privatise two state-run lenders. 

6.    UFBU comprises of nine major unions — All India Bank Employees' Association (AIBEA), All India Bank Officers' Confederation (AIBOC), National Confederation of Bank Employees (NCBE), All India Bank Officers' Association (AIBOA), Bank Employees Federation of India (BEFI), 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).

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Telegram. Join PSU Watch Channel in your Telegram and stay updated)

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