InvestorQ : Do you see the bank strike really impacting the banking operations across India in a big way?
diksha shah made post

Do you see the bank strike really impacting the banking operations across India in a big way?

Answer
image
Dilmini Mercia answered.
2 months ago
Follow

The 9 major bank unions in India have called for a 2-day strike on 15 March and 16 March. That would result in most banks being shut for 4 days in succession as the banks were also shut for Second Saturday and Sunday. While most of the clearing activities of private banks will not be affected, there will be an impact where PSU banks are a counter-party.

Like it or not, if the bank strike goes through, we could actually a fairly deep impact on banking operations across India on 15 March and 16 March. Considering that this is the advance tax paying last date and also the annual closing of accounts, such banking strikes are likely to make a huge dent on banking operations and also have a lag effect.

The consortium of 8 bank unions have given a call for nationwide strike to protest against the privatisation of two state-owned lenders. This is in line with the announcements made by the Finance Minister in her Budget 2021 speech. It is very likely that cash transactions, cheque clearing and loan approvals could get delayed, especially in PSU banks.

The call for the strike was given by UFBU, which is the umbrella body representing a total of 9 bank unions. A total of 10 lakh employees and officers are expected to participate in the strike, which almost means the strike could be total. In the Union Budget 2021, the FM had announced the privatization of two public sector banks would and 2 non-life insurers.
0 Views