Nationwide Bank Strike: The Reserve Bank has not declared any public holiday on this day and bank branches will remain open, but due to the strike by employees, there may be delays in cheque clearing, cash deposits and other banking operations.
Bank Strike On 12 February: The country’s largest bank, State Bank of India, has warned its millions of customers that banking services may be affected due to a nationwide bank strike on February 12. According to Reuters and other news agencies, major banks like SBI and IDBI have received formal notices from bank unions. Although the Reserve Bank of India (RBI) has not declared a public holiday on this day and bank branches will remain open, counter-related work such as cash transactions and check clearing may be significantly delayed due to the employees’ strike.
Why are bank employees taking to the streets?
The primary reason behind this nationwide strike is the four new labor codes notified by the central government. The All India Bank Employees Association (AIBEA) and other major organizations argue that these new laws will replace 29 old labor laws, weakening the fundamental rights of workers and employees. Unions say that with the implementation of these codes, registration of trade unions will become difficult and the management will get the freedom to impose its will on the employees.
Demand for Work-Life Balance with a 5-Day Workweek
Not just the Labor Code, bank employees have been demanding a 5-day workweek (Saturday off) for quite some time. Employees say that two days off a week are essential for better work-life balance amid increasing mental stress and workload. Furthermore, issues like salary discrepancies and filling vacant positions are fueling the strike.
What will be the impact on customers?
Bank of Baroda has clarified in a filing with the stock exchange that it will strive to maintain smooth operations, but the strike may cause delays in check clearing, cash deposits, and other banking operations. If you have any urgent work with the bank, it would be wise to complete it before February 12th. The only relief is that digital services like mobile banking, UPI, and net banking will continue to operate smoothly during this period, so the average person should not face any difficulties with small transactions.
The post Bank strike: Banks will remain closed on February 12 due to the strike; bank unions have announced a nationwide strike. first appeared on informalnewz.
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