Banking services across the country would take a hit as public sector banks have gone for a two-day nationwide strike from Wednesday. Around 10 lakh employees of state-run banks are protesting against the two per cent salary hike proposed by the Indian Banks’ Association (IBA).
Due to the bank strike, which coincides with the month end, the salaried class may have to bear the brunt as salary withdrawals would get affected. The strike would also affect the normal lives as ATMs are likely to go dry over the next two days.
However, a little relief for the people would be that online banking services will be available at all times during the PSU banks’ strike.
In its meeting with Bank unions on May 5, the IBA negotiated on a nominal two per cent wage hike but failed to convince the bank employees. The marginal wage hike decision came following the high losses due to Non-Performing Assets and scams in the state-run banks.
The employees, however, argued that the losses were not because of them. In the last wage settlement between November 1, 2012 and October 31, 2017, the IBA had given a wage hike of 15 per cent.