Ahmedabad: Banking work has been affected since the last four days with the employees of all the government banks across the country going on strike on Tuesday. The United Forum of Bank Unions (UFBU) announced a strike on Tuesday demanding a 5-day working week for the employees. Following the four-day long holiday, the works like cash transactions, cheque clearance etc. has been affected.
After the holidays on the fourth Saturday of the month (January 23), Sunday (January 25) and Republic Day (January 26), this will be the fourth consecutive day when the functioning of government banks will be affected. However, banks have not officially announced the closure of their branches. Apart from this, work is going on normally in private banks. Private banks are not part of the UFBU.
Why are the employees going on strike?
The main reason for the dispute between bank unions and the government is the Saturday holiday. Bank employees have been demanding the implementation of a ‘5-day work week’ (only 5 days of work in a week) for a long time. In March 2024, during the 12th bilateral agreement between the Indian Banks Association (IBA) and the unions, it was agreed to declare all Saturdays as holidays.
But despite the agreement, the government notification has not been issued yet. The unions argue that we are asking for a balanced working system for 5-day working. Instead, we are ready to work 40 minutes extra every day.
Currently, banks remain closed only on the second and fourth Saturdays of the month. The union wants the government to issue its official notification immediately.
What will be the impact of the strike on the common man?
Branch operations may come to a standstill: If you have to go to the bank and deposit cash, get a new chequebook or update your KYC (Know Your Customer), then you may face difficulties in these tasks tomorrow.
Delay in cheque clearance: The machines and processes that clear cheques are mostly run by government banks. The strike may delay the clearance of cheques by 2-3 days, which may delay your payment.
Cash shortage in ATMs: With banks remaining closed for 3 consecutive days, the chances of ATMs running out of cash increase. ATMs in small towns and residential areas, especially, may be empty tomorrow.
Loans and government work: If you have a loan to be approved or you need an NOC from the bank, then you will have to wait till Wednesday or Thursday.
Which services will continue?
UPI and digital payments: Google Pay, PhonePe, Paytm and BHIM UPI will be fully functional. You will be able to make payments at shops and shop online with ease.
Internet and mobile banking: You will be able to transfer money (IMPS/NEFT/RTGS) from your mobile app or computer. Work like checking balance or paying bills will continue.
Private Banks: Major private banks like HDFC, ICICI, and Axis will remain open. All their customer services will continue as usual.
ATMs: Technically, ATMs are not closed. If there is cash available in the ATM, you will be able to withdraw money using your card.
