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Key Services Hit As 2-Day Nationwide Bank Strike Begins: 10 Points – Unblendednews

Key Services Hit As 2-Day Nationwide Bank Strike Begins: 10 Points

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Key Services Hit As 2-Day Nationwide Bank Strike Begins: 10 Points

All India Bank Strike: ATMs are likely to remain functional across the country

New Delhi:
Key banking operations across the country were impacted today as nine unions called for a two-day nationwide strike against the proposed privatisation of Public Sector Banks and retrograde banking reforms. As many as 10 lakh bank employees are expected to participate in the strike called by the United Forum of Bank Unions (UFBU), an umbrella body of nine bank unions. Banks across the country were shut on Saturday and Sunday – and will not open today or tomorrow due to the strike – leading to a four-day halt of services.

Here is your 10-point cheat sheet to this big story:

  1. Services like deposits and withdrawal at branches, cheque clearance, and loan approvals would be affected due to the two-day strike.

  2. Branches of private sector lenders like ICICI Bank, HDFC Bank and Axis Bank will however remain open as they are not participating in the strike.

  3. ATMs are likely to remain functional across the country.

  4. State-run lenders, including Central Bank of India among others have informed customers to use their digital channels like internet or mobile banking and ATMs for making transactions during the strike.

  5. Money markets and stock markets are also going to face problems as payments would be impacted due to the strike, All India Bank Employees Association (AIBEA) general secretary CH Venkatachalam told news agency PTI.

  6. Apart from bank unions, all the unions in four General Insurance Companies will be on strike on March 17.

  7. All unions in LIC are on strike on March 18, while unions of four insurance companies have called for a strike against the privatisation of public companies.

  8. The strike comes after Union Finance Minister Nirmala Sitharaman had in the Budget announced the privatisation of two public sector banks as part of the government’s disinvestment drive to generate Rs 1.75 lakh crore.

  9. The Centre has already privatised IDBI bank by selling its majority stake to LIC in 2019 and has also merged 14 public sector banks in the last four years.

  10. Members of umbrella organisation UFBU that has called the strike 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 the 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).

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