Govt. Bank strike at end of September could create cash crunch
If you have any pending work in the bank, then settle it immediately, because next week there is a big strike of bank employees scheduled. Because of this, banks will remain closed for four days. This closure of banks can extend up to seven days. The government’s decision, bank officials and employees have called for a strike to protest against the merger of the banks. Bank strike has also got the support of other employee organizations. This strike of the banks may see a widespread impact just before the festive season begins.
10 banks merged
On August 30, 2019, Finance Minister Nirmala Sitharaman announced the mega merger (merger) of 10 state-run banks. Four banks have been merged to form 10 banks. Punjab National Bank (PNB), Oriental Bank of Commerce (OBC) and United Bank merged into one to make it the third largest bank in the country. Its business will be Rs 17.95 lakh crore. Union Bank of India, Andhra Bank and Corporation Bank have been merged to form the fifth largest bank in the country. Its business will be Rs 14.59 lakh crore. Indian Bank and Allahabad Bank have been merged to form the seventh largest bank in the country. Its business will be Rs 8.08 lakh crore. Canara Bank and Syndicate Bank merged to make it the fourth largest bank in the country. Its business will be Rs 15.20 lakh crore.
Rs 55,250 crore package to recover from losses
Along with the merger of the banks, the finance minister had given a relief package of Rs 55,250 crore to these banks to recover from the losses. In this, PNB got Rs 16000 crore, Union Bank of India Rs 11700 crore, Bank of Baroda Rs 7000 crore, Canara Bank Rs 6500 crore, Indian Bank Rs 2500 crore, Indian Overseas Bank Rs 3800 crore, Central Bank of India. It was announced to give Rs 3300 crore, UCO Bank Rs 2100 crore, United Bank of India Rs 1600 crore and Punjab & Sind Bank Rs 750 crore.
Banks will be closed for four days
Employees have announced a strike next week against the announcement of the merger of banks. Due to this, banks will remain closed for four days in the coming week. The Bank Officers Union has announced a strike on 26 and 27 September against this decision of the government. After this, due to the fourth Saturday on September 28 and then Sunday on September 29, the banks will remain closed. Due to the closure of banks for four days, bank services may be affected on September 30, the last day of the month. On this day, due to the huge crowd in banks and the pressure of closing, bank consumers may have to try a bit for customer services.
Banks could be closed for seven days
The Delhi Pradesh Bank Workers Organization has proposed a separate strike on September 30 and October 1. According to bank officials, even if it is closed, the functioning of banks can be completely stalled for seven days. October 2 will be a bank holiday because of the Gandhi Jayanti holiday. In such a situation, the closure of banks can be pulled for seven days from 26 September to 2 October.
Trade union also got support
The strike by bank officials and employees has been supported by the Central Trade Union All India Traders Union Congress (AITUC). The organization has announced this on Friday itself. According to AITUC, the government wants to promote private sector banks through merger of banks. Therefore, the organization has supported the bank strike. Organization officials said that they are preparing for the National Convention to take action against policies that support the corporate.
According to AITUC, the organization may go on an indefinite strike from November if the government does not withdraw its merger plan. Organization officials said that so far there has been no benefit from the two bank mergers. This has not led to any reduction in stuck loans (NPAs) of banks.
Navratri starting from 29 September
The banks’ strike is taking place just before the country’s biggest festive season begins. Navratras are beginning on Sunday, September 29. Just before this, the banks will be closed from 26 September due to the strike. This may affect the preparation of Durga Puja and the festival. Traders may also face trouble. In such a situation, it would be better to tackle the bank related work today, Saturday and the next three days from Monday to Wednesday.
