Bank operations hit as strike enter day 2

Normal banking operations were hit for the second day today as public sector bank employees continued their strike.

The two-day nationwide strike call, demanding early wage revision among other issues, was given by United Forum of Bank Unions (UFBU) that comprises nine national unions.

It was, however, business as usual at private sector banks like ICICI Bank and HDFC Bank.

Employees of public sector insurance companies, including LIC and New India Assurance, also participated in the strike.

Yesterday, cheque clearing operations, electronic fund transfers, forex transactions and money market operations were disrupted across the country due to the strike and the situation remained more or less similar as per the latest reports.

Apprehending disruption in normal operations, many public sector banks had already informed customers about the strike.

Sources said banks have taken steps to ensure that public do not face problems at least on the cash front during the strike period. Banks have replenished ATMs to meet the requirements in these two days, they added.

Despite these measures, some ATMs went dry at commercial hubs.

Bank unions are pressing for early wage revision of employees, which they said is due from November, 2012. They are also opposing banking sector reforms and any plan for merger of banks.

There are 26 public sector banks with employee strength of around 10 lakh in the country.