"The all India bank strike might also impact deployment of gross bank credit worth up to Rs 1,600 crore," said DS Rawat, Secretary General of Assocham.
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.
Services like cash deposits and withdrawal from branches and cheque clearances have been hit hard by the strike, which has been called under the aegis of the United Forum of Bank Unions (UFBU).
Nine bank unions, including All India Bank Employees Association and All India Bank Officers‘ Association, have questioned the government and SBI management‘s need for creating a large bank.
Banks have been providing for a 15 percent wage hike since November 2012. Thus, banks already have incorporated wage increase of 15 percent into their accounting but their offering is 13 percent only.
There are 27 government-owned banks in India with a combined employee strength of about 8 lakh. These lenders have around 50,000 branches across the country.
The unions have been demanding a wage revision linked to the gross profit of the banks.
In Tamil Nadu alone thousands of employees would abstain from work and transactions of several cheques and ATM services would be affected, he said.
Employees of public sector banks have gone on two-day nationwide strike today opposing banking sector reforms and outsourcing of non-core activities, affecting operations.
Public sector bank employee unions have decided to call a two-day nation-wide strike on July 25-26 to protest reforms in the banking sector and outsourcing of jobs.
About three lakh bank retirees across the country today took part in mass demonstrations in support of their demand for pension updation.
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.
Treasury activity in banks are unlikely to be affected on Friday despite the call for a nation-wide strike by an umbrella body of bank unions comprising officers and staff, dealers said.
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.