Bank strike across India may affect operations today, SBI branches likely to remain open
Operations at state-owned banks across India are likely to be affected today due to employees of two bank unions conducting a day-long strike. This is...
Operations at state-owned banks across India are likely to be affected today due to employees of two bank unions conducting a day-long strike. This is in protest against the government's bank merger plan and falling deposit rates.
PSU banks including Bank of Baroda, Bank of Maharashtra, Oriental Bank of Commerce and Syndicate Bank have warned customers of disruptions in banking operations throughout the day.
In addition to banking operations the two bank employees' union leaders have also said that ATMs would be shut for the day. It seems unlikely that ATM services would be affected due to the strike.
Meanwhile, The State Bank of India (SBI) informed its customers that the impact of the strike will be minimal.
In a filing to stock exchanges last week, SBI said, "The membership of our bank employees in unions participating in strike is very few, so the impact of strike on Bank's operation will be minimal."
Offiicers and private sector banks are not part of the 24-hour strike called by All India Bank Employees Association (AIBEA) and the Bank Employees Federation of India (BEFI).
Banking operations have been closed for two consecutive days in Mumbai and Haryana as due to assembly elections. Tuesday's strike will lead to further disruption in the two states as a number of bank branches are likely to remain shut today.
The employees of the banking unions are protesting against the prospect of merging 10 PSU banks into four stronger units.
Under the plan, United Bank of India and Oriental Bank of Commerce are to be merged with Punjab National bank.
Syndicate Bank is to be merged with Canara Bank and Allahabad Bank with Indian Bank. Andhra Bank and Cooperation Bank will be merged with the Union Bank of India.
Customers should gear up for another long bank recess from October 26-29 on account of various festivals. Banks will remain closed on Sunday (October 27), Monday (October 28) due to Govardhan Puja and on Tuesday (October 28) for Bhai Dooj.