Banking services likely to get affected on 22nd Oct as unions threaten strike

Two bank unions have threatened a 24-hour strike against the recently announced bank mergers and banking activities are likely to get hit on Tuesday, 22 October. The banks will be protesting against falling deposit rates and outsourcing of jobs, news agency IANS reported. All India Bank Employees’ Association (AIBEA) and Bank Employees Federation of India (BEFI) have notified that they will be on a strike from 6 am on October 22 to 6 am on October 23. Opposing privatisation of banks, outsourcing of regular banking jobs and calling for increased employment in clerical and sub-staff positions, the said bank unions have also asked for recovery of mounting bad loans.

Banks like Bank of Maharashtra and Syndicate Bank have expressed concern over the strike call. However, the State Bank of India (SBI) said that the protest is not likely to hamper its services as many of its employees are not members of the participating unions. “The membership of our bank employees in unions participating in the strike is very few, so the impact of strike on our operation will be minimal,” the news agency quoted SBI as saying in a notice. However, the losses from the proposed strike have not been quantified as of now, it said.

“In the event the strike materialises, the functioning of the branches/offices may be impacted,” Syndicate Bank said in a stock exchange filing.

Bank of Baroda also said that it is trying to ensure smooth functioning on 22nd October. “The Bank is taking necessary steps for smooth functioning of bank’s branches on the day of the strike, in the event the strike materialises, the functioning of the branches may be affected/paralysed,” Bank of Baroda said in an exchange statement.

This is not the first time that the unions have threatened to stage a protest. Last month, PSU banks were expected to remain closed for five days in a row from September 26 to September 30 as trade unions announced two days strike. The bank strike was followed by two days weekly off on account of Saturday and Sunday.