1. Bank strike on Tuesday: Here are 5 crucial things you need to know and do today

Bank strike on Tuesday: Here are 5 crucial things you need to know and do today

Bank unions are all set to go on a nation-wide strike on Tuesday against the government's proposed reforms in the sector. In view of this strike, here are five things you need to know and do today.

By: | Published: August 21, 2017 1:21 PM
bank strike, PSU bank strike, Tuesday, United Forum of Bank Unions, UFBU, AIBOC, D T Franco, withdraw money, ATM A large number of banks have already informed their customers that functioning of branches and offices will be impacted if the strike takes off.

With all the nine unions under the aegis of the United Forum of Bank Unions (UFBU) threatening to go on strike on Tuesday, services at public sector banks are likely to take a hit. A large number of banks have already informed their customers that functioning of branches and offices will be impacted if the strike takes off.

“As the conciliation meeting before the Chief Labour Commissioner failed, unions are left with no other option but to go on strike. There was no assurance from the government and the management of banks,” AIBOC General Secretary D T Franco has reportedly said. Franco added that as all attempts to hammer out solutions to the demands raised by the unions bore no fruit, UFBU decided to proceed with the proposed strike on August 22, as per a PTI report.

Now it looks almost certain that bank unions will go on a nation-wide strike on Tuesday against the government’s proposed reforms in the sector. In view of this strike, here are five things you need to know and do today:

1. If you are a customer of a private sector bank like HDFC Bank or ICICI Bank, then you need not worry as operations at private lenders like are expected to be normal except delay in cheque clearances. So, if you are waiting for any of your cheques to be cleared at a PSU bank on Tuesday, that may get delayed a bit. Better be prepared for that, mentally.

2. If you are a customer of a public sector bank and were planning to visit your bank on Tuesday for any work like withdrawing or depositing money or applying for a loan, then you should better do that today.

3. If you are holding a debit card, then you need not worry as you can withdraw money from the ATM of any bank, including private banks. However, in view of the strike, some rush can be expected at the ATMs of private banks also. So, better do it today if you need money for any unavoidable work.

“Public sector bank employees planning to go on a day strike tomorrow is a rather unfortunate development. Fortunately with abundance of ATMs, at least in urban areas, the city-based customers are not likely to get impacted in a big way. As a precaution, however, customers may withdraw any money they may need for the next couple of days, today itself,” suggest Ashish Kapur, CEO, Invest Shoppe India Ltd.

4. If you have to transfer money through online banking to the bank account of someone else, then better do it today itself as that may not be processed tomorrow.

5. Also, any other banking transaction which cannot be postponed should be transacted before close of banking today. On a strategic basis, however, it makes sense for customers not to rely solely on public sector banks and open another account with a private sector or foreign bank.

“Public sector bank employees have long enjoyed a benign working atmosphere where job security was very high and pressure on performance was almost extinct. As pressure on accountability and service standards increases, one can expect more such strikes going forward. Hence, my view is never to rely only on public sector banks whether you are a depositor or a borrower. Always spread your exposure across banks and have at least one non-public sector bank to serve you,” says Kapur.

  1. U
    Unknown Saga
    Aug 22, 2017 at 8:52 am
    Your article authenticity can be verified be by point 4. If you have to transfer money through online banking to the bank account of someone else, then better do it today itself as that may not be processed tomorrow. Please try yourself and let us know if it has failed. Regards
    Reply
    1. D
      dipiti
      Aug 21, 2017 at 10:13 pm
      Overheard. Govt planning to sell PSU to Ambani, Adani, Tata as PSU are corrupt. If any Govt is corrupt what to do?
      Reply
      1. Krish Kan
        Aug 22, 2017 at 8:01 am
        well said my friend
        Reply
      2. B
        bhushan
        Aug 21, 2017 at 5:20 pm
        The service at so called efficient pvt. banks is not so efficient for ordinary customer. Staff at counters try to avoid everything. Their response is to contact customer care, go to ATM for any request. They are computer efficient but have very less banking knowledge. After technology upgradation, PSU banks' service is better than pvt. banks.
        Reply
        1. B
          Banker
          Aug 21, 2017 at 4:43 pm
          What a article it is i pity you mr writing you penned your stupidity stupendous ly
          Reply
          1. Krish Kan
            Aug 22, 2017 at 8:01 am
            well said
            Reply
          2. A
            Anup Sen
            Aug 21, 2017 at 3:24 pm
            An example of paid news. 85 of Banking business is with PSUs. Rest is shared by few Foreign Banks, Old Generation Private Banks and New Generation Private Banks. Except these 4 - 5 new generation private banks all banks shall remain closed due to strike call given by the Bank-Unions. Even the Bank union affiliated to BJP will also join the strike. The last point, this is not a paid holiday for the bank-employees. For last 70 years for all such strikes, ries are deducted by the bank for joining the strike.Are private banks safe for depositors? The statistic in India is very clear about this during last 100 years more than 3,780 private banks in India collapsed and the depositors of these private banks have lost their hard-earned money. Think twice before keeping your money with private banks.
            Reply
            1. A
              Anup Sen
              Aug 21, 2017 at 3:25 pm
              85 of Banking business is with PSUs
              Reply
              1. A
                Anup Sen
                Aug 21, 2017 at 3:25 pm
                85 percent of Banking business is with PSUs
              2. Krish Kan
                Aug 22, 2017 at 8:03 am
                well said
                Reply
              3. P
                PURUSHOTHAMAN K
                Aug 21, 2017 at 2:57 pm
                As citizens, we have to welcome Sectoral Reforms. Are Public Sector Bank Employees not Citizens of this country? How can the oppose anything and everything which will lead them Accountable or Increase the Workload? Do they want to enjoy life without bother growth and International Standards in Banking so that there will be Overseas Investment in India? Nationalisation has not served any purpose with so that NPA with no Accountability of Public Sector Banks and the Politicians. High time they are privatised otherwise later there will be no takers like Air India.
                Reply
                1. K
                  Kali Mirch
                  Aug 21, 2017 at 2:28 pm
                  These strikers must pay customers of the banks for their losses and inconvenience. They act as if banks are squeezing them. Or they must accept voluntary retirement. If they dont, they should be kicked out.
                  Reply
                  1. Krish Kan
                    Aug 22, 2017 at 8:05 am
                    can you kick them out of job?? really?? you may please try to know the inconvenience faced by psb employees
                    Reply
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