PSB Bank’s Strike – Rs 20,000 Crore Worth of Banking Transactions Hit

A two days bank strike by Public Sector Banks hit the transactions worth Rs 20,000 crore. Industry body Assocham, urging the United Forum of Bank Unions (UFBU) to call off the strike. Assocham has also urged the government to come up with a plan for restoring the health of public sector banks. The UFBU, an umbrella body of nine bank unions, has gone on strike against the proposed wage hike of 2 per cent as against 15 per cent given last time.

Due to month end strike call, salary withdrawals from branches are get affected. Other services like ATM’s, deposit in branches, FD renewal, government treasury operation, money market operation and cheque clerance see the impact of the strike. 

Bank’s operations in private banks like Kotak, ICICI Bank, HDFC Bank, Axis Bank were almost normal.

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