Banking operations in India will be affected on Friday and Saturday due to all state-owned banks including State Bank of India (SBI) are closed due to a 2-day strike called by an umbrella of banking unions.
All branches of nationalised banks will remain closed today and tomorrow as more than 10 lakh bank employees of public sector banks are joining the strike.
Banks including SBI, IDBI have already informed stock exchanges about the strike and have also warned customers that services could be hit these days.
Customers should also the 31st January and 1st February strike will be followed by a Sunday, which means banks will be closed for 3 consecutive days.
ATM services, cash deposit, withdrawal, cheque clearances and other operations may face disruption due to the prolonged bank strike.
The strike has been called by the bank unions to demand a 20 % pay hike on payslip components, scrapping of new pension scheme and merger of special allowance with basic pay.
While bank employees had been demanding the pay hike since November 2017, the government has failed to address the issue.
The government tried convincing bank unions to not go on strike, but the United Forum of Bank Unions (UFBU) and the Indian Banks’ Association (IBA) went ahead as differences could not be resolved.
It is worth mentioning that the bank strike comes on a day when the Budget session of the Parliament begins.
Likewise, the bank strike will also be observed tomorrow when Finance Minister Nirmala Sitharaman presents the Union Budget 2020-21. It remains to be seen if the demands of the public banking sector are met tomorrow.