Money & Banking

Bank strike hits public transactions, but treasury functions normal

Our Bureau Mumbai | Updated on January 27, 2018 Published on July 29, 2016

“Treasury people have been allowed to enter the head office of the bank, so there is no problem for us in trading or bidding at the auctions,” said a senior trader at a large state-run bank.

Unions warn of bigger stir if Centre does not call off consolidation plans

Banking services were hit across the country on Friday as about 10 lakh employees and officers went on a strike demanding that the Centre cease plans to consolidate State-owned banks, and to offer licences to new ones.

The one-day strike call was given by the United Forum of Bank Unions, an umbrella body of nine trade unions.

The impact was felt on public sector banks, old private sector banks such as Karnataka Bank and Lakshmi Vilas Bank as well as regional rural banks.

It is estimated that about 75 per cent of the daily average of paper-clearing transactions — 34 lakh (cheques), valued at about ₹25,000 crore — was affected by the strike.

‘Just a warm-up’

S Nagarajan, General Secretary, All India Bank Officers’ Association (AIBOA) said the strike was only a warm-up to a bigger one and that trade unions would intensify their action if the Centre persists with its move to effect a consolidation in the sector by merging associate banks with State Bank of India, and by diluting its stake in IDBI Bank.

Published on July 29, 2016
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