Banking operations in the country were severely affected on Tuesday, as around 10 lakh bankers went on a strike to protest against the anti-people banking reforms launched by the government. The strike witnessed the participation of around 85,000 branches of commercial banks, 105,000 branches of co-operative banks and several others. The strike was organized by the United Forum of Bank Unions (UFBU), which represents nine different bank unions. The bankers have also demanded that they should be paid compensation for extra work done during demonetization.
The strike on Tuesday led to the shutdown of all public sector banks such as State Bank of India, all old-generation private banks, foreign banks, regional rural banks and cooperative banks. The immediate effect of the strike was on the clearance of checks at various bank branches. It is estimated that clearance of nearly 40 lakh checks amounting to Rs 22,000 crore has been affected by the strike.
It may be recalled that earlier, the bankers had held a meeting with the Chief Labor Commissioner on February 21 to press for their demands. However, the meeting failed to find an acceptable solution, post which, the bankers decided to go ahead with their strike on Tuesday.