Bank Strike Tomorrow, Banking Transactions To Be Hit

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    Services at public sector banks may take a hit on Tuesday as all unions under the aegis of UFBU have threatened to go on strike against the government's proposed consolidation move besides raising a host of other demands.

    Attention Public sector bank customers

    Most banks have already informed their customers that functioning of branches and offices will be impacted if the strike takes off. As many as 21 public sector banks control 75 per cent of the total business.

    Private Banks unaffected

    Operations at private lenders like ICICI Bank, HDFC Bank, Axis Bank and Kotak Mahindra Bank are expected to be normal except the delay in cheque clearances.

    What is UFBU?

    The United Forum of Bank Unions (UFBU) is an umbrella body of nine unions, including All India Bank Officers' Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organisation of Bank Workers (NOBW). UFBU, which claims membership of nearly 10 lakh across banks, also requested the government for cost reimbursement of demonetisation to banks.

    Demands of the union

    ''As the conciliation meeting before the Chief Labour Commissioner failed, unions are left with no other option but to go on strike. There was no assurance from the government and the management of banks," AIBOC General Secretary D T Franco said.
    Demands include no write-off policy for non- performing assets (NPAs) of corporate loans, declaring the wilful default of loans as criminal offence and implementation of recommendations of Parliamentary Committee on the recovery of NPAs, According to AIBEA General Secretary C H Venkatchalam. He also suggested that banks should not pass on the burden of corporate NPAs on bank customers by hiking charges.

    Read more about: bank strike banks
    Story first published: Monday, August 21, 2017, 10:41 [IST]
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