Strike hits normal banking operations, ATMs run dry
Banking operations were hit on Tuesday by the day-long, nationwide strike called by employees of public sector banks, with ATMs running dry at various places across the country. The All India Bank Employees' Association (AIBEA) claimed success, saying all the branches kept their shutters down. "People could not go to banks to transact anything, deposit money, withdraw money or do any other transaction. Government treasury transactions could not be done, import and export transactions were hit, money market operations were not possible," AIBEA General Secretary C H Venkatachalam told. Money transfer and cash remittances were also hit. Venkatachalam said clearing operations have been paralysed in a big way despite the Reserve Bank keeping its operations open because employees were not available. Some private sector banks are also part of the strike called under the aegis of the United Forum of Bank Unions (UFBU) to press their demands, including fixing accountability of top officers over increasing bad loans, opposing labour reforms as well as outsourcing of permanent jobs. "Regular functioning of the branches of the Bank might be affected on that day. However the Bank's ATMs and digital channels will function to meet customer needs," Federal Bank said.
Private sector banks including ICICI, HDFC, Axis were not part of the strike. ATMs have gone dry in various places, Venkatachalam said, adding that some banks had limited cash to keep the machines going. UFBU is an umbrella body of nine unions. However two of Bharatiya Mazdoor Sangh affiliates -- the National Organisation of Bank Workers and the National Organisation of Bank Officers -- are not part of the strike.
The demands include compensation to employees and officers for extra hours they have put in following demonetisation in November and early initiation of next wage revision.
One of the bank officials said, “We have not been paid for the extra hours we put in during the 51-day period of demonetisation. We are offered allowances only for the first week of demonetisation.”
They have also demanded adequate recruitment in all cadres, stringent measures to recover bad loans and accountability of top executives. Besides, they have pitched for criminal action against wilful defaulters.
Lalita Joshi, joint secretary of the All-India Bank Employees Association (AIBEA) said, “Demonetisation was bought by Government on banks. We supported the whole period but now it is time government takes the cost banks are bearing. Instead of transferring the cost to banks, the government should bear it.” In rural India, the employees were under lot of stress and worked until 10pm, she said.