Banking operations across India came to a virtual standstill on 22 August in the wake of a one-day strike launched by employees of public sector bank employees protesting the government’s efforts in consolidating banking industry and other issues. The strike has been called by unions under the aegis of the United Forum of Bank Unions (UFBU), an umbrella body of nine unions. The strike is impacting cheque clearances, NEFT/RTGS transactions as well as deposits/withdrawals at branches of public sector banks. Online banking transactions are not likely to be affected. However, employees of the private sector banks are not part of the strike although cheque clearances in these banks. Apart from protesting the bank consolidation, the striking unions are also demanding that banks do not write-off NPAs of corporate loans and declaration of willful default of loans as a criminal offence.
