Bank strike today: Staff wants pay hike, starts protest; your financial life set to get hit

Bank strike today: Banking activities in the public sector banks across the country have gone for a toss as the employees have gone on a two-day nationwide strike, against the meager offer of a 2 per cent salary hike offered by the management - Indian Banks Association. "Nearly 10 lakh employees are participating in the nation-wide strike as part of our democratic right by forgoing our salary," All India Bank Employees Association (AIBEA), general secretary C H Venkatachalam told PTI.

Salaries getting credited, ATM withdrawals from branches are likely to get affected as the strike coincides with the month-end dates. Deposits in branches, FDs, government treasury operations, money market operation have been impacted by the strike. On the other hand, the operations in the other private banks  ICICI Bank, HDFC Bank, Axis Bank are normal. 

The PSU banks have gone on strike after several rounds of talks between banks and the unions did not find any solution. Against the proposed wage hike of 2 per cent as against 15 per cent given last time, the United Forum of Banking Unions (UFBU), an umbrella body of nine bank unions decided to on  a strike for two days.

"It is kind of an insult to the employees of public sector banks...To be offered this kind of meager hike. We had no other option but to go on strike, forgoing two days' salary," All India Bank Officers' Confederation (AIBOC) joint general secretary Ravinder Gupta told PTI.

Gupta also said that success of all government schemes like Mudra, Jandhan, and demonetisation were ensured by public sector bankers but the reward is just two per cent hike, adding, it is gross injustice to bankers who have worked very hard for nation-building.

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Most of the nationalised banks, including SBI, PNB and BoB, have already informed their customers about the functioning of branches and offices due to strike.  There are about 85,000 branches of 21 public sector banks across the country having business share of about 70 per cent.