Two-day Bank strike by PSB Unions begins as wage settlement talks fail

Two-day bank strike from today. However, operations in the new-generation private banks like ICICI Bank, HDFC Bank, Axis Bank were almost normal, barring few activities including cheque clearance.

Since the strike coincides with the month-end, salary withdrawals from branches are likely to get affected. Some ATMs may also take a hit. Besides, deposit in branches, FD renewal, government treasury operation, money market operation would see the impact of the strike. Salaries getting credited, ATM withdrawals from branches are likely to get affected as the strike coincides with the month-end dates. Deposits in branches, FDs, government treasury operations, money market operation have been impacted by the strike. On the other hand, the operations in the other private banks ICICI Bank, HDFC Bank, Axis Bank are normal.

The PSU banks have gone on strike after several rounds of talks between banks and the unions did not find any solution. Against the proposed wage hike of 2 per cent as against 15 per cent given last time, the United Forum of Banking Unions (UFBU), an umbrella body of nine bank unions decided to on a strike for two days.

Nearly 10 lakh employees are participating in the nation-wide strike as part of our democratic right by forgoing our salary,C H Venkatachalam said, hoping that good sense prevails.

There are about 85,000 branches of 21 public sector banks across the country having business share of about 70%. Most of the banks, including SBI, PNB and BoB, have already informed their customers about functioning of branches and offices due to strike.

(Pictures used for representation purpose only)