Bank strike today called by major trade unions: Will banks remain open or closed?

Kolkata: Work in PSU banks re likely to be disrupted today as all major bank unions have called a strike. The biggest bank in the country SBI has already alerted its customers that they should complete all urgent banking transactions before Feb 12. Other banks have also cautioned customers about potential impact. However, RBI ha not declared it a holiday. However, there is likely to be minimal or no impact of the strike in private sector banks today.

If a lot of employees participate in the strike, branch services, over-the-counter transactions, and some banking operations may be affected, meaning normal operations may be delayed or disrupted even if bank branches are open. However, digital banking services such as internet banking, UPI, and mobile apps are likely to operate normally.

Who called the strike

The call for nationwide bank employees strike was given by major bank unions, including the All India Bank Employees Association (AIBEA), the All India Bank Officers’ Association (AIBOA) and the Bank Employees Federation of India (BEFI). Ten central trade unions (CTUs) have also supported the bigger strike of which the bank strike is a part. They observed a strike on Jan 27 too demanding the introduction of the five-day week as assured earlier during the wage deal with Indian Banks Association.

What did the banks say

The country’s largest public sector bank, State Bank of India (SBI), already issued an alert to its customers. The bank clarified that banking services may be affected to some extent. Bank of Baroda also communicated to the sock exchange that it is taking all necessary steps to ensure smooth functioning of its branches and offices. However, work in branches might be affected, especially cash transactions and cheque clearances are soft spots that might be impacted.

Reason for the strike

The main reason behind the strike is opposition to the four new labour codes that are replacing as many as 29 labour laws, which the government argued were archaic and hindered investors and entrepreneurs. On their part, the bank unions say these new laws would weaken employee rights. They also say that the new codes will make it difficult to register trade unions. Bank employees have also long demanded a five-day working day and a better work-life balance. The unions believe these demands are essential for both employee well-being and efficiency.