Bank strike day 2: ATMs run out of cash
The impact of the bank strike was felt in the towns and state capitals as well. In the eastern states the banks wore a deserted look, and all over the country banking operations were paralysed.
As per estimates of the unions, the loss to the national economy on account of the 2-day strike could be around Rs 30,000 crore.
Fund flows to the stock market were also affected as clearing operations were hampered. Scrips of PSU banks saw some pressure today, even as banking sector scrips ended mostly flat. Also trading in the forex market was dull as the major player SBI did not participate.
Unions went ahead with the strike after reconciliatory talks between them and the government failed on Tuesday. The Banking Laws (Amendment) Bill, 2011 is before Parliament and is likely to be taken up in the current session.