Mumbai, January 31: Banking services in India will be affected on January 31 and February 1, as the United Forum of Bank Unions (UFBU) representing nine trade unions, including All India Bank Officers’ Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organisation of Bank Workers (NOBW)  -- has called for a two-day nationwide strike starting from today. The union called a two-day strike as talks with the Indian Banks' Association (IBA) on wage revision ended inconclusively. Bank Strike: Unions Call for Nationwide Strike On January 31 and February 1 and 3 Days in March 2020 Over Wage Revision; Check Dates.

The demand for salary-hike by bank employees is pending since November 2017. The strike by the public sector banks is coinciding with the opening of the Budget session of the Parliament from January 31, the day when Economic Survey would be presented. Meanwhile, Finance Minister Nirmala Sitharaman will present the Union Budget on February 1.

Due to the strike, ATM services could also be affected. The largest public sector bank --State Bank of India -- has already said that due to the strike its banking services would also be affected to some extent. According to reports, the unions are demanding a 20 percent pay hike on payslip components. However, the management is not agreeing to a pay-hike beyond 12.25 percent. Bank Holidays in January 2020: Banks to Remain Closed on These 10 Days This Month For Republic Day, Pongal; Check Full List Here.

AIBEA General Secretary C H Venkatachalam told the Financial Express, “We appeal to the banking customers to bear with us for this disruption in services due to the strike but the same has been forced on us by the bank managements and Indian Banks’ Association.”

The bank unions are also demanding a five-day work week, along with the merger of special allowance with basic pay and scrapping of the new pension scheme. Due to the strike, the public sector banks will remain closed for three days as February 2 happens to be a Sunday. If pay-hike issue is not resolved, then the bank unions will go for indefinite period from April 1.

Earlier on January 8 also, banking services were affected as thousands of employees joined "Bharat Bandh". Bank employees, including central, cooperative, regional rural and the Life Insurance Corporation of India, belonging to bank unions had joined the strike.

(The above story first appeared on LatestLY on Jan 31, 2020 12:21 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).