Mumbai, March 15: Banking operations across India are likely to be affected on Monday and Tuesday (March 15 and 16) in the wake of the nationwide strike call given by the United Forum of Bank Unions (UFBU). The strike has been announced the two-day nationwide strike against the privatisation of Public Sector Banks and retrograde banking reforms. The United Forum of Bank Union (UFBU) is an umbrella body of nine bank unions. In a statement, the UFBU claimed that about 10 lakh bank employees and officers of the banks will participate in the strike.

Banks were already shut on March 13 (second Saturday) and March 14 (Sunday). This lead to a four-day break in regular banking operations. During the two-day bank strike in India, banking services including cash withdrawal, bank deposits, cheque clearance and loan approvals are likely to be affected. However, ATMs are likely to remain functional. Banks have informed their customers that they are taking necessary steps for the smooth functioning of bank branches and offices. All Cooperative Banks, Multi-State Cooperative Banks to be Brought Under RBI Supervision, Announces Centre.

List of Banking Services That Will Get Affected on March 15 and 16

  • During the two-day strike, services such as deposits and withdrawal at branches, cheque clearance and loan approvals would be affected

  • People can withdraw money from ATMs as they may continue to function normally.

  • Several public sector lenders like the State Bank of India (SBI), have already informed their customers that their normal working could be affected at the branches and offices on Monday and Tuesday.

  • Reports inform that banking services of private banks including ICICI Bank, HDFC Bank, Kotak Mahindra Bank, Axis Bank among others are expected to remain normal.

Why are Bank Unions Protesting:

The two-day strike comes after the government announced the privatisation of two public sector banks (PSBs). This was announced by Finance Minister as part of the government's disinvestment plan as part of the Union Budget 2021 to generate Rs 1.75 lakh crore. Apart from bank unions, all the unions in four General Insurance Companies will be on strike on March 17.  Reports informed that all the unions in LIC are on strike on March 18, while unions of four insurance companies have called for a strike against the privatisation of public companies.

All nine banks unions that will be a part of the bank strike on March 15 and 16 include - All India Bank Officers' Confederation (AIBOC), All India Bank Employees Association (AIBEA), National Confederation of Bank Employees (NCBE), All India Bank Officers' Confederation (AIBOC), Bank Employees Federation of India (BEFI), Indian National Bank Employees Federation (INBEF), Indian National Bank Officers' Congress (INBOC) and National Organisation of Bank Officers (NOBO) and the National Organisation of Bank Workers (NOBW) will take part in the strike called by the UFBU.

(The above story first appeared on LatestLY on Mar 15, 2021 09:20 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).