The employees of two bank unions are sitting on 24 hours bank strike from today morning and another bank officers union has extended full support to them.
PM Narendra Modi led government has decided to merge ten public sector bank into four bigger banks. A union leader of Bank employees threatened to shut down ATMs, media reports. In the financial capital Mumbai, it could be the third consecutive day when banks are shut today. Yesterday, all banks were closed across Maharashtra and Haryana due to assembly elections.
SBI, Regional Rural Banks and cooperatives banks are the most likely ones to remain open today. Some private sector banks, too, might function as usual. PSU banks would be the worst hit. Bank of Baroda, Bank of Maharashtra, Syndicate Bank and Oriental Bank of Commerce have already declared that their operations could be paralyzed due to the bank strike.
Besides several central trade unions, the All India Bank Officers’ Association (AIBOA) has also extended support to the strike. AIBOA has asked its members to not join work today.
Read EquityPandit’s Nifty Bank Outlook for the Week