On February 28, cheque clearances and cash transactions will be crippled while ATMs are likely to be exhausted of cash after the morning hours as over nine lakh bank officers and staff are set to observe one day strike on a call by the United Forum of Bank Unions (UFBU), consisting of nine unions in the banking sector.
Operations at public sector banks may be hit on Tuesday as most unions under the aegis of UFBU have threatened to go on strike to press for various demands, including accountability of top executives in view of mounting bad loans in the banking sector.
Dealers are bracing for low volumes across all markets in India on Wednesday as unions at most banks have called for a nationwide strike that is expected to leave trading rooms with minimal staffing but not shut down activity altogether.
The Indian Banks' Association which is the industry body of banks has agreed to offer a 10 percent wage hike which is an outgo of over Rs 3000 crore for PSU banks.
Banking operations have been affected across the country today with employees of public sector and old private sector banks going on a day-long strike in protest banking sector reforms.
The proposed July 7 nationwide bank strike has been deferred to August 5 in view of the late beginning of the monsoon session of Parliament, the United Forum of Bank Unions (UFBU), which is spearheading the strike call, said today.