Bank strike partially successful on Day 1
23 Aug 2012 6:57 AM IST
Services in the public-sector banks were hit as staff and officers belonging to some unions went on a two-day strike on Wednesday, protesting against reforms in the sector, outsourcing of non-core services to the private sector and demanding pension revision among others.
Normal banking operations, including cash transactions, cheque clearances, foreign exchange dealings were affected. Customers depended more on the ATMs, as the bank managements had made advanced arrangement for loading the machines with cash.
'Several banks, including the SBI, have outsourced cash-loading business to private firms. Most of the ATMs have enough capacity,' a senior SBI official said. However, the fund movement of individuals and corporates would get affected because of delays in cheque clearances.
Besides, the strike impacted the volumes in the government bond market and share markets.
'The strike today has been a success all over the country. Banking services have been affected and paralysed,' the All India Bank Employees' Association (AIBEA) general secretary C H Venkatachalam said in a statement. He added that the employees of 24 public sector banks and 12 private banks participated in the strike. However, ICICI Bank and HDFC Bank services were not affected. Nearly 10 lakh employees and officers all over the country participated in the strike, which will continue on Thursday as well, the AIBEA said.
The bank unions are protesting against banking-sector reforms, such as the Banking Sector Laws Amendment Bill, which seeks to remove restrictions on voting rights of foreign shareholders and increase voting rights of private investors in public banks.
The impact was felt the maximum in eastern states, while the Shiv Sena affiliated unions in Mumbai did not participate in the strike. In the national capital the impact was significant.
Normal banking operations, including cash transactions, cheque clearances, foreign exchange dealings were affected. Customers depended more on the ATMs, as the bank managements had made advanced arrangement for loading the machines with cash.
'Several banks, including the SBI, have outsourced cash-loading business to private firms. Most of the ATMs have enough capacity,' a senior SBI official said. However, the fund movement of individuals and corporates would get affected because of delays in cheque clearances.
Besides, the strike impacted the volumes in the government bond market and share markets.
'The strike today has been a success all over the country. Banking services have been affected and paralysed,' the All India Bank Employees' Association (AIBEA) general secretary C H Venkatachalam said in a statement. He added that the employees of 24 public sector banks and 12 private banks participated in the strike. However, ICICI Bank and HDFC Bank services were not affected. Nearly 10 lakh employees and officers all over the country participated in the strike, which will continue on Thursday as well, the AIBEA said.
The bank unions are protesting against banking-sector reforms, such as the Banking Sector Laws Amendment Bill, which seeks to remove restrictions on voting rights of foreign shareholders and increase voting rights of private investors in public banks.
The impact was felt the maximum in eastern states, while the Shiv Sena affiliated unions in Mumbai did not participate in the strike. In the national capital the impact was significant.
Next Story
