Financial Daily from THE HINDU group of publications
Thursday, Apr 06, 2006
Financial Daily from THE HINDU group of publications Thursday, Apr 06, 2006 |
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Public Sector Banks Money & Banking - Trade & Labour Unions SBI strike: Cos feel the pinch Our Bureau
The fallout Salary payment also affected RBI takes over cheque clearing, settlement operations UTI Bank sees surge in ATM usage
Mumbai , April 5 The strike by employees of SBI, which entered the third day today, has started impacting corporate business. The largest bank in the country, SBI accounts for about 20 per cent of corporate business and this has been affected, according to Mr A. Ramesh Kumar, Chief General Manager. In some cases, payment of salaries has also been affected as the strike began in the first week of the month, when most companies make salary payments. However, as the branches worked last Saturday and Sunday, several corporates could have already credited salaries, he added. Besides corporate accounts, payment of dividend warrant and IPO refunds has also been delayed. "Individual customers have not been affected much because they can access their money through the ATMs of our associate banks or bilateral banks with whom we have a tie-up. But corporate accounts could have been hit," Mr Ramesh Kumar said.UTI Bank, one of the banks with which SBI has a bilateral tie-up for ATM usage, has seen an increase in the number of transactions from cardholders of other banks in the last couple of days, according to Mr V.K. Ramani, President (IT).The Reserve Bank of India took over the cheque clearing and settlement operations at most centres managed by SBI. In some cases, banks also conducted settlements through bipartite settlement, without going to a clearinghouse, according to an RBI official. Our New Delhi bureau reports: There was no end in sight for the indefinite strike by the employees of SBI over the issue of revision of pension benefits, with two rounds of reconciliation talks with the Chief Labour Commissioner failing to end the deadlock. "Our agitation would continue till our demands are met," Mr V.K. Gupta, senior leader of the SBI employees' federation, told Business Line. Meanwhile, the Delhi High Court today put off till April 19 hearing on a petition seeking its intervention to end the strike with the Government refusing to accede to the demands of the union. In their submission to the court, the unions had said that they would suspend the strike provided the Government assured that it would increase the pension as an interim decision, till a final decision is arrived at on the matter.
Related Stories: More Stories on : Public Sector Banks | Trade & Labour Unions | Pension Plans | State Bank of India
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