Banks Likely To Be Closed For 4 Days Next Week Amid Employee Strike

Four bank officers' unions have threatened to go on a two-day strike on 26 and 27 September. This is in addition to the 2-day peaceful demonstration to be held outside the Parliament on 20 September by the United Forum of Bank Union (UFBU) to oppose the government's recent mega public sector bank merger plan. UFBU is the umbrella body of nine bank employees union.

The officers' union have a set of demands including expeditious wage revision apart from protesting bank mergers.

If the unions do go ahead with their protest plans, banks affected by the merger will be closed for business for four consecutive days, that includes 28 September (fourth Saturday of the month) and 29 September (Sunday).

In August, Finance Minister Nirmala Sitharaman had announced the government will merge 10 public sector banks into four to create fewer lenders with stronger balance sheets to compete globally.

The government has identified four state-run banks- Punjab National Bank, Canara Bank, Union Bank of India and Allahabad Bank as the anchor banks for the merger process.

Punjab National Bank will absorb Oriental Bank of Commerce and United Bank forming the second largest public sector bank. Canara Bank and Syndicate Bank will merge to become fourth-largest PSB.

Union Bank of India will merge with Andhra Bank and Corporation Bank while Allahabad Bank will absorb Indian Bank.

Following the mergers, the number of state-run banks will come down to 12 from 27 in 2017.

The bank strikes are likely to only affect your branch services and not ATM or online banking services.