Clearance of 40 lakh cheques totalling around Rs 22,000 crore were hit as banking operations came to a grinding halt on February 28 following a day’s strike by public banks. As many as 10 lakh employees joined the strike.
It may be noted 27 public banks participating in the strike control as much as 75 per cent of the total business in the country.
Cash transactions will be affected, while the ATMs are likely to be exhausted of cash after morning hours following the one-day bank strike.
The strike call was given by an umbrella body of nine bank unions, United Forum of Bank Unions’, to press for various demands, including wage revision. It was also against the government’s proposed labour reforms and outsourcing of permanent jobs in the banking sector.
Private banks such as ICICI Bank, HDFC Bank and Axis Bank will, however, continue to function normally, but cheque clearing operations could be hit.
The strike was forced upon us because of adamant and insensitive attitude of the bank management and IBA, stated All India Bank Employees’ Association (AIBEA).
The demands include compensation for extra work following demonetisation, wage revision, recruitment in all cadres, strict measures to recover bad loans and action against wilful defaulters.