Bank Unions to Go on 2-day Strike in September, Here's How Services Will be Hit

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Bank unions have called a two-day strike from September 26-27 protesting against the central government’s decision to merge 10 public sector banks into four. The strike is expected to affect banking services for four days as banks would also be closed on September 28 (fourth Saturday of the month) and on September 29 (Sunday).

Four unions that have given a call for the pan-India strike by bank employees are the All India Bank Officers’ Confederation (AIBOC), All India Bank Officers’ Association (AIBOA), Indian National Bank Officers’ Congress (INBOC) and National Organisation of Bank Officers (NOBO). Private banks should, however, continue to function normally.

State Bank of India (SBI) on Monday admitted that if the two-day strike planned by the officers’ unions materializes, then it could affect operations. “While bank has made all arrangements to ensure normal functioning in its branches and offices, it is likely that work in our bank may be impacted to some extent by the strike,” SBI said in a regulatory filing.

The strike would mainly impact banking services availed at the branches like cash deposits and cash withdrawal, cheque clearances and issuance of demand drafts, among others. Hence, bank customers should make sure that they deposit/withdraw cash for any urgent needs by 25 September. Also, before issuing or receiving cheques, keep in mind that the four-day break may result in them taking considerably longer time to get cleared.

Inter/intra-bank money transfer transactions initiated through branches will also be affected. Hence, customers are advised to use internet banking and phone banking for such services. Customers can transfer or receive money online through RTGS, NEFT, IMPS and UPI transfers. However, keep in mind that NEFT and RTGS do not work on the second and fourth Saturdays and all Sundays. So customers would have to rely on IMPS and UPI for money transfers on September 28-29.

ATM services are also likely to get affected during such bank strikes. So keep your credit/debit cards handy making online payments for shopping or bill payments. Alternatively, customers can also use digital wallets like Paytm, Mobikwik, PhonePe among others.