Alert! Banks closed on January 8; Things that you must know

Those people who may have some business to transact over the next few days should know that banks will be closed on January 8, Wednesday. This is not a regular bank holiday. However, banking services may get hit as bank unions have announced they will be joining an pan-India strike. All bank customers are advised to keep proper cash in their hands and get their other transactions done before that. In the wake of the strike, your nearest bank ATMs may also go out of cash. So, all kinds of physical banking transactions may not take place on 8th January 2020 and one should do it either on Tuesday i.e. 7th January 2020 or after January 8th.

Bank employees — central, cooperative, regional rural and the Life Insurance Corporation of India — belonging to bank unions have also decided to join the strike. According to the Indian Banks' Association (IBA), six bank unions will also join the strike. Banking services, especially ATMs and branch services, are likely to be affected. However, online transactions will not be affected. The bank workers are specifically striking for a raise in their wages and against bank mergers and bank reforms.

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The decision to go on strike is the result of failed talks between the government and the bank union leaders. On Thursday, Union Labour Minister Santosh Gangwar had held a meeting with 10 trade unions, where the minister assured the trade union leaders that the reforms are for the welfare of the labor force. However, the union leaders said none of their concerns that were brought up was discussed at the meeting, and hence, they are going ahead with the strike.