Finance

Bank employees' strike from tomorrow, services likely to be hit

Updated : January 31, 2020 10:39 AM IST

Several banks, including country’s largest lender State Bank of India (SBI), have notified customers that their services may be impacted for two days beginning tomorrow.

The strike has been called by the United Forum of Bank Unions (UFBU), which represents nine trade unions.

The strike will be followed by the weekend off – February 2 is a Sunday.

A two-day bank strike beginning today is likely to impact normal banking operations across India as many bank employees, mostly from public banks, are expected to join the agitation. The strike was called by bank employee unions over pending demands of bank staff, including a wage hike of 20 percent. Several banks are likely to be shut on Friday and Saturday (February 1). This will be followed by the weekend off – February 2, which is Sunday.

Here's all you need to know about the bank strike starting from tomorrow:

The strike has been called by the United Forum of Bank Unions (UFBU) -- which represents nine trade unions. UFBU is seeking a 20 percent hike in wage, but the Indian Banks' Association (IBA)has capped the raise at 12.25 percent. Unions had decided to go on strike after talks over wage revision failed to make any headway with the IBA.

"We have negotiated with the IBA for two and a half years. Last time they said the hike could be 10 percent and now they are suggesting that the increase in wages to be 12.25 percent whereas our demand is a 20 per cent hike,” All India Bank Employees Association (AIBEA) said in a statement. AIBEA comes under UFBU.

The bank strike will coincide with the Budget session of the Parliament as the Economic Survey will be presented on January 31. A day later, on February 1, finance minister Nirmala Sitharaman will present Union Budget for the fiscal year 2020-21.

Several banks, including country’s largest lender State Bank of India (SBI), have notified customers that their services may be impacted for two days beginning tomorrow.

The bank unions have also called for a three-day strike, starting March 11, and an indefinite strike from April 1 to highlight the demands.

Earlier on January 8, a section of bank employees had gone on a day-long strike.

Bank employees' strike from tomorrow, services likely to be hit

You May Also Like

Farmer unions say will consider government's offer to suspend farm laws for 1.5 years

Indigo Paints IPO subscribed 1.24 times on day 1

SC dismisses review petitions challenging Aadhaar verdict by 4:1 majority

Trending on CNBC-TV18

recommended for you