Public-sector bank employees are all set to participate in a two-day strike beginning on May 30th. Several banks, including State Bank of India, Bank of Baroda and Canara Bank, have previously cautioned that their services would be impacted by the strike.
Why are they going on strike?
Bank employee unions have been opposing the 2% wage hike proposed by the Indian Banks Association. Talks between banks and the employee unions have failed to make any headway so far.
DT Franco, General Secretary, All India Bank Officers’ Confederation told Business Today that about 1 million bank officers are expected to participate in the strike on May 30 and May 31.
What you need to know:
1. As of 6.00 a.m. this morning, the employees are on strike. Withdrawal and cash deposit in the branches of public sector banks would be affected.
2. The strike is likely to disrupt normal banking services, which might include withdrawals from ATMs. Some reports suggest that even security guards outside the ATMs will participate in the strike.
3. Online banking facilities remain unaffected, and customers are being encouraged to use digital banking services.
4. The implementation of various government initiatives such as Jan-Dhan, demonetisation, Mudra and Atal Pension Yojana, in the past two to three years resulted in a huge increase in the workload. The proposed 2% increase is not commensurate with the work done.
5. There are nearly 21 public sector banks that control 75% of the total business in the country. This is a significant percentage, and hence this strike is all the more crucial.
If you have any important transactions planned over the course of the next two days, we suggest you find an alternate. The strike is likely to continue for the scheduled duration.
(Edited by Shruti Singhal)