To protest against the recently-announced mega merger of public sector banks (PSBs), at least four bank employees' unions have threatened to go on a two-day strike ahead of the weekend, according to several reports.
Four bank employees' unions – All India Bank Officers' Confederation (AIBOC), All India Bank Officers' Association (AIBOA), Indian National Bank Officers' Congress (INBOC) and National Organisation of Bank Officers (NOBO) – have announced a nationwide strike on September 26 and 27.
The move might affect financial transactions at PSBs and their ATMs this week since it will lead to four non-working days this week. Several banks across the country will remain closed on September 26 and 27 due to the strike, on September 28 (the last Saturday of the month) and on September 28 which is a Sunday.
However, online financial transaction facilities will remain functional. R Sekaran, AIBOC Tamil Nadu unit secretary told The Times of India that the bank strike would affect transactions worth around Rs 48,000 crore while there is a fear that several ATMs might run out of cash during this four-day period.
The country's largest lender, the State Bank of India, told CNBC-TV18, "While the bank has made all arrangements to ensure normal functioning in its branches and offices, it is likely that work in our bank may be impacted to some extent by the strike."
The opposition to the proposed merger of the ten PSBs is only one reason behind the strike. The bank staff unions have also charted out nine other demands, which include wage revision and immediate shift to a five-day-week among other things.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
