Banking operations in some parts of the country were affected on Tuesday as two employee unions are observing a nation-wide strike. Some of the services like cash deposit and withdrawal at the counter and cheque clearances have been impacted due to the strike by banking staff. Public sectors bank branches in urban areas of the country are, however, operational as officers in these banks are not part of the strike.
Most of the banks, including SBI, had informed their customers about the strike call given by All India Bank Employees Association (AIBEA) and Bank Employees Federation of India (BEFI) to protest against bank mergers and fall in deposit rates. Merger of banks is totally unwarranted in India as we need more banking services and opening of more branches to serve the people, AIBEA General Secretary C.H. Venkatachalam said.
“The merger has so far resulted in closure of branches and hence it is a wrong policy. Recovery of the huge bad loans is the top priority for banks, and merger will change the priority. Hence it is a bad idea,” he added.
