in ,

Banks Likely to Be Shut For 5 Days From Dec 21 to 26: Here’s What You Need to Know

The All India Bank Officers’ Confederation (AIBOC) has called for a strike on December 20, the United Forum of Bank Unions (UFBU) has called one on December 26.

Important news alert!

Do you have bank work scheduled from December 20?

Reconsider. Because until December 26, banks may remain shut.

Promotion

Why?

According to a Zee Business report, banking services could be severely affected until Christmas.

As per a Business Today report, while the All India Bank Officers’ Confederation (AIBOC) has called for a strike on December 21, the United Forum of Bank Unions (UFBU) has called one on December 26.

Why are these bank unions on strike?

Banks Likely to Be Shut For 5 Days From Dec 21 to 26_ Here's What You Need to Know
Source: Flickr/Monito

The AIBOC said that the strike on December 21 had been summoned against the move to leave officers in scale IV and above out of the bipartite wage settlement ambit.

The union aims to address issues of wage revision in the 11th bipartite settlement and is demanding salary revision as per the charter of demands, a five-day week, a full mandate for officers up to Scale VII, stopping sales of third-party products and the scrapping of National Pension System (NPS).

This strike, scheduled for December 21, will affect offline banking activities on the day, which is Friday. Whereas, December 22 (fourth Saturday), December 23 (Sunday), December 25 (Tuesday) are already declared bank holidays.

So banks will remain shut and the only day that will not be affected is December 24 (Monday).

These bank unions are also protesting against the merger of Bank of Baroda, Dena Bank, and Vijaya Bank, reports Business Today.

This merger was approved by the government in September 2018.

The AIBOC had filed an appeal to PM Modi to revoke the proposed merger, questioning the capability of the merged entity.


Read More: Bank Recovery Agents Crossing the Line? Here’s What They Can & Cannot Do


According to an IANS report, the appeal letter states, “In the issue of merger of Vijaya Bank with Bank of Baroda and Dena Bank, we find this is pertinent to mention here for greater clarity that NPA has reached a whopping 24.9% (Rs 16,361 crore) in respect of Dena Bank, while it is 13.2% (Rs 56,480 crore) and 6.5% (Rs 7,526 crore) for Bank of Baroda and Vijaya Bank, respectively, as at 31st March 2018. The question that naturally comes knocking is how does creating a new bank with [a] bad loan ratio of 24.9 % (Dena Bank) & 13.2% (Bank of Baroda) respectively, genuinely help anyone? On the contrary, it will pull down the performance of Vijaya Bank. What it does is that it sweeps under the carpet the bad state of Dena Bank and BoB.”

Now that you know how the week after December 20 will pan out, remember to schedule your banking activities accordingly.

(Edited by Shruti Singhal)

Like this story? Or have something to share?
Write to us: contact@thebetterindia.com
Connect with us on Facebook and Twitter.









Written by Jovita Aranha

A lover of people, cats, food, music, books & films. In that order. Binge-watcher of The Office & several other shows. A storyteller on her journey to document extraordinary stories of ordinary people.