The Hindu Business Line : Strike hits clearing operations in some regions

The one-day all-India strike called by three bank unions affected clearing operations on Friday. The high-value clearing operations for instruments above Rs 1 lakh were impacted in Mumbai, said RBI officials.

The strike was called by the All India Bank Employees Association, All India Bank Officers' Association and Bank Employees Federation of India.

According to RBI, on an average day, around 15,000 instruments are cleared, but today only 6,900 instruments were cleared. The value of transactions, which is around Rs 14,000 crore, came down to Rs 2,700 crore as 26 banks out of 100, which normally participate in clearing, stayed away from the operations.

The union members of about 24 public sector banks protested against the privatisation of banks and outsourcing of clearing operations.

Other demands

The other demands include fresh recruitments for one lakh vacant positions at public sector banks, option for one more pension scheme, establishment of the Payment Corporation of India for clearing house operations by RBI and the Banking Amendment Bill, which includes removal of ceiling on voting right and 74 per cent FDI participation.

"The strike was successful because the demands of the union members have raised debates in the Parliament," said Mr R.J. Sridharan, General Secretary, All India Bank Employees Association. "Around 80 per cent of public sector banks' branches were not operational," he said.

Employees of State Bank of India, Bank of Baroda and Indian Overseas Bank did not participate in the strike as they are affiliated to other unions.

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