Countrywide Bank Strike impacts transactions over Rs 21,000 cr on day one

2 day-Bank Strike
Image : ANI

New Delhi, May 29: More than 10 lakh bankers in government and private banks go on a 48-hour strike starting from today, against meagre salary hike. 

According to the reports, banking transactions worth about Rs 21,700 crore could not be put into effect.

The strike call evoked good response. About 85,000 bank branches, including that of State Bank of India (SBI) and some private banks, spread across the country were closed,” C.H. Venkatachalam, General Secretary, All India Bank Employees’ Association (AIBEA), told IANS.

Queried about the value and volume of money instruments that would not be cleared by the bank’s clearing houses, Venkatachalam said: “On an all-India basis, clearance of 39 lakh instruments with a value of Rs 21,700 crore per day would be impacted. The above value and volume were the averages of last 15 days clearance of instruments.”

The United Forum of Bank Unions (UFBU) proposed the strike beginning 6 a.m. on May 30, till 6 a.m. on June 1, seeking early revision of wages. The wage revision has been due since November 1, 2017.

With this two day strike, Banking operations such as Cash withdrawal, deposit, cheque clearance and other services could be hit.

“The strike notice has been served to Indian Banks Association (IBA) representing the bank management and the Chief Labour Commissioner (Central), New Delhi,” C.H. Venkatachalam, General Secretary, AIBEA, told news agency IANS.

The UFBU is an umbrella body of nine unions in the banking sector representing staff and officers. Wage revision talks between UFBU and IBA held in Mumbai on May 5 had ended in a failure.

Venkatachalam stated the IBA offered a spike of 2 percent over the total wage bill of the banks as on March 31, 2017.

In the last 10th Bipartite Wage Settlement that was made effective from November 1, 2012, the IBA had agreed to a hike of 15 per cent over the total wage bill.

The unions had rejected the IBA offer, he added.

While the central government had asked the IBA to conclude the wage revision settlement before November 1, 2017, the latter has been delaying, Venkatachalam said.


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