Bank branches across the country are going to be on a big strike for three consecutive days from September 28 to September 30. Due to this three-day strike, there may be a huge disruption in all those banking services which require direct visit to the bank branch and manual processing.
However, it is a matter of relief that in view of the problems of the general public, public sector banks and regional rural banks remained open on Sunday, September 27, so that the customers could get a chance to complete their important banking work just before the start of this strike. This strike is taking place exactly at the time when half-yearly financial closing is going to happen on 30th September. This strike is expected to have the biggest impact on government (public sector) banks and rural banks, while operations in private sector banks are likely to continue normally.
Which banking services will be affected the most?
During these three days of the strike, customers may face disruptions in all services that require the assistance of bank employees or physical documentation:
- The facility of depositing and withdrawing cash at the counters of the branches affected by the strike will be completely closed.
- You may also face delays in updating physical passbooks and other services related to bank branches.
- Check clearance and transactions that require manual processing may take longer to complete.
- Due to banks being closed, customers will not be able to make new demand drafts (DD) during these days.
- Those who have to go to the bank for face-to-face KYC, bank account update or verification of documents, will now have to wait for the bank to open.
- The work of applying for loan, documentation and verification may also get stuck because these require the presence of bank staff.
- Due to bank branches remaining closed, customers will not be able to access even physical bank lockers.
- Apart from this, due to the close of half year financial closing on 30th September, some internal and administrative banking operations may also be affected.
Will UPI, ATM and mobile banking remain operational?
The relief news is that the main impact of this strike will be only on the physical functioning of bank branches, while digital banking and self-services will continue to run smoothly as before.
UPI, mobile banking and internet banking services will remain fully operational for everyday digital transactions like transferring funds and paying electricity and water bills. Apart from this, ATMs are also expected to remain open, although the availability of cash at the local level will depend on whether the machines are loaded on time or not. Where this facility is available, cash deposit machines will also continue to function. There is very little possibility of disruption in private sector banks, however, customers are advised to check the official advisory of their bank before visiting the branch.
Why were banks opened on Sunday?
The government had taken a big step to save the general public from the shock of these three consecutive days of strike. Under this, special permission was given to all public sector banks and rural banks to remain open like normal days on Sunday, 27th September.
It was made clear by the Finance Ministry that all banks, offices, ATM related branches and currency chests were kept open only after the approval of the Reserve Bank of India (RBI). For customers who had pending important cash related work, paperwork, KYC formalities or other work to be done with the help of bank staff, Sunday proved to be the last chance to get relief before this big strike starting from Monday.