Because of the trade union strike today, banking operations across the country have been affected, as most of the banks, barring the State Bank of India (SBI) and Indian Overseas Bank, have gone on a nationwide stir – reports say that from ICICI Bank, HDFC Bank, Axis Bank, Yes Bank and a few other banks had remained open for business. This is a definite dampener for the lakhs of salaried people who would have received salaries in their accounts, but will not be able to withdraw any money – from bank branches at least.
About 13 lakh employees at 24 state-run banks, 11 private banks, nine foreign banks and 56 regional rural banks and 650 cooperative banks will go on strike. This would mean about 1,00,000 bank branches would remain closed.
However, people can withdraw from ATM’S, as they are managed by third-party private firms who will not be part of the nationwide strike. But, if the machines run out of cash, they will not be replenished, due to lack of bank staff to give them cash.
Clearing of cheques and loan documentation will also be affected, as the work is done at the branches.
Only respite is that internet banking will work, because the Reserve Bank of India’s clearing will remain open.
Also, employee unions at the State Bank of India are not participating in the strike on Wednesday plus, SBI branches will remain open.
