PSU banks on strike today; cash services to be affected

PSU banks on strike today; cash services to be affected

Deposit and withdrawal of funds, cheque clearance and other cash transactions will not take place, while administrative work will not be affected, a senior bank official said.

Normal banking operations in public banks may see some disruption on Tue because of a nation-wide strike to protest against the government's proposed consolidation move besides raising other demands.

Even though banks have not made any formal announcement related to the strike, there is a possibility that most public sector banks may remain closed on Tuesday.

The United Forum of Bank Unions (UFBU), constituted by nine separate bank unions, have called a day-long strike in view of several demands.

Around one million bank employees are expected to participate in the strike across the country.

Some of the private banks like ICICI Bank, HDFC Bank, Axis Bank and Kotak Mahindra Bank, are expected to function normally, except the delay in cheque clearances.

The strike has come about following the failure of talks between the unions' umbrella body UFBU and chief labour commissioner.

Jalandhar, August 21On a call given by the United Forum of Bank Unions, employees and officers from various bank branches in the city today held a demonstration in front of Punjab National Bank.

All attempts to hammer out solutions to the demands raised by the unions bore no fruit and hence, UFBU chose to proceed with the proposed strike on August 22, said Mr Franco of the UFBU. He further demanded that the government should declare wilful default of bank loans as criminal offence and take action on the corporates who evaded payment of loans.

According to union leaders, around 10 lakh bankers working in around 132,000 branches will be on strike on Tuesday.

He said that the Bank Board Bureau had been formed to bring all the public sector banks (PSBs) under a banking investment company and get the government's share in PSBs below 50 per cent.