"Already, the complete halt of banking transactions today following UFBU's decision to go on strike has resulted in massive loss to the bank themselves and the national economy. Cheques have not been cleared and funds held back, corporate India loss interest on uncleared cheques", said Mr. D S Rawat, Secretary General, ASSOCHAM.

ASSOCHAM rough and ready estimates puts the loss for a day strike between Rs. 10,000 to 15,0000 crore.

There are about 87,000 branches of public sector banks, employing over 10 lakh people. The PSU banks, which operate 63,000 ATMs, control about 75 percent banking business in the country.

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