Financial Daily from THE HINDU group of publications
Wednesday, Feb 25, 2004
Financial Daily from THE HINDU group of publications Wednesday, Feb 25, 2004 |
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Banking Money & Banking - Trade & Labour Unions Strike affects RBI clearing operations Our Bureau
A State Bank of India branch in the Capital wears a deserted look during the nation-wide strike by trade unions on Tuesday. - - Ramesh Sharma
Mumbai , Feb. 24 THE Reserve Bank of India's clearing operations were disrupted as a result of the nationwide bank strike observed on Tuesday. Thirty-three banks out of the 113 members of RBI's clearing house refused to participate in clearing operations on Tuesday, leading to a sharp fall in the volumes transacted at Rs 1,500 crore as against normal volumes to the tune of Rs 3,000 crore, according to sources. Only 61 banks participated on Tuesday and 2,340 instruments were cleared. Fifteen lakh employees and officers in the financial sector participated in the nationwide strike, which included several trade unions and other bank employees associations, according to a statement issued by the All-India Bank Officers Association. The issues that were taken up for the strike include the restoration of the "right to strike" to workers, early conclusion of wage revision, opposing the anti-labour policies of the Government, opposing its privatisation moves and demanding one more option for pension.
More Stories on : Banking | Trade & Labour Unions | RBI & Other Central Banks
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