Banks are observing a strike today. This strike is under the aegis of United Forum of Bank Unions (UFBU).
The strike is in the backdrop of bank demands in nexus with compensation of overwork during demonetisation. They also urge that all loan defaulters should either come clean or their names must be recorded in books.
As bank officials had envisaged this day, the strike has not really played a major role on the banking transactions.
As most of the transactions now happen online, lesser adverse effect of bank strike was imminent. A senior State Bank of India executive said, “We won’t see much of a problem except for cheque clearances.
Nonetheless, ATMs are likely to face a currency crunch as most people will utilise ATM’s to withdraw money for their daily expenses.
The United Forum of Bank Unions (UFBU) is a group consisting of nine unions in the banking sector.
A one-day strike called by state banks on Tuesday will have minimal impact on banking services. However, cheque clearances will mostly likely be hit. The Unions under the aegis of United Forum of Bank Unions have threatened to go on an agitation today.
The strike has encompassed not less than nine lakh officers. These nine lakh officers include all public sector banks, old generation private banks, foreign banks, regional rural banks and co-operative banks.
Most banks’ officers had already apprised and made it’s clients aware about the after math of the strike.
There is no intense effect of this strike on the masses as a larger fraction of people have already switched to online payment systems. Channels like ATMs, net banking, NEFT, RTGS, IMPS will be used by people.
Vishwas Utagi, vice president of All India Bank Employees Association (AIBEA) said, “It is a tough fight but we will continue to do so. Bank employees have handled a mammoth task in the two months of demonetisation, 115 people have died including many bank officials and we want the government to compensate all of them.”
The Reserve Bank of India Governor Urjit Patel too expressed his views. He said, “Not only the RBI, but the wider banking system has done a Herculean job over the last few months and over this period when there were many challenges. It is also important to keep in mind given the scope of the challenge; how far people worked to get over them”.
