However, the country's largest lender, the State Bank of India (SBI) has said in a notice to the exchanges that the impact of the proposed strike on its operations is expected to be minimal.
Banking services might be affected next week as two bank unions have threatened to go on a 24-hour long strike on October 22 to protest against the recent bank mergers, falling deposit rates and a call for job security, according to several reports.
The two unions — the All India Bank Employees' Association (AIBEA) and the Bank Employees Federation of India (BEFI)— have informed the Indian Banks' Asociation via a notice that they will go on strike from 6 am on October 22 to 6 am on October 23, as per a Mint report.
However, the country's largest lender, the State Bank of India (SBI), in a notice to the exchanges, has said that the impact of the proposed strike on its operations is expected to be minimal.
"The membership of our bank employees in unions participating in the strike is very few, so the impact of strike on our operation will be minimal," SBI said in the notice.
It added that the resulting loss from the proposed strike cannot be quantified as of now.Other banks have also expressed concerns over the proposed strike. Bank of Baroda, in a filing with the exchanges, said, "The Bank is taking necessary steps for smooth functioning of bank's branches on the day of strike, in the event the strike materialises, the functioning of the branches may be affected / paralysed."Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.