Proposed bank strike could delay your salary

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If you have been looking forward to the last day of the month to receive your salary, you could be in for some disappointment. Public Sector Banks across the country might go on strike tomorrow, following a call by the United Forum of Bank Unions (UFBU). This could impact functioning of Cooperative Banks, Regional Rural Banks and Public Sector Banks on Tuesday, February 28.

While private banks like ICICI are expected to function normally, public sector banks could be shut on account of the strike.
While private banks like ICICI are expected to function normally, public sector banks could be shut on account of the strike.

The unions are protesting after a meeting between them and the Indian Banks Association, the body in charge of bank management yielded no results. Their demands include compensation for working overtime during demonetisation, accountability of top executives for bad loans, recruitment across cadres and labour reforms. They are also protesting the decision to outsource permanent jobs in the sector.

Banks like the SBI, Bank of Baroda and Punjab National Bank have already informed customers that services will be impacted if the call for strike goes through. Private Banks like HDFC, ICICI and Citibank should function normally, barring delays in cheque clearances.

UFBU consists of nine banking unions, namely AIBEA (All India Bank Employees Association), AIBOC (All India Bank Officers’ Confederation), AIBOA (All India Bank Officers Association), NCBE (National Confederation of Bank Employees), BEFI (Bank Employees Federation of India), INBEF (Indian National Bank Employees Federation), INBOC (Indian National Bank Officers Congress), NOBO (National Organisation of Bank Officers) and NOBW (National Organisation of Bank Workers).

Two bank unions, namely NOBW and NOBO are not supporting this strike.

With public sector banks accounting for 75% of all banking transactions, this strike could impact millions if it goes through.

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