- The two-day strike will start from 6.00 am, May 30 and will end on Friday, June 1 at 6.00 am
- The strike is to protest against the sparse two percent wage hike
- Called by United Forum of Bank Union (UFBU) - an umbrella body of nine bank unions
The two-day nationwide bank strike starting from 6.00 am May 30, Wednesday, is likely to have a huge impact on the banking sector. The employee unions of state-owned and private banks across India will stay off from work which might result in a cash crunch, according to CH Venkatachalam, General Secretary, All India Bank Employees Association (AIBEA).
Since the strike is called on the last working days of the month, which is the salary day for most employees, massive offline money transactions are expected.
Though the online transactions will not be affected by the strike, ATMs running out of cash with increased withdrawals may cause temporary cash crunch.
Do you need to withdraw money?
There are about 2.20 lakh ATMs in the country and long queues to withdraw money in the event of the strike is expected on Tuesday evening. Banks, however, have confirmed that they will stock up the ATMs before employees go on strike to ensure the machines don't go dry.
Meanwhile, AIBEA president Rajen Nagar said that ATM security guards will also participate in the strike. This might leave some ATMs shut over the next couple of days.
The proposed strike is to protest against the sparse two percent wage hike offered by the Indian Banks' Association (IBA) earlier this month.
The two-day nationwide strike will end on Friday, 1 June at 6 AM.
Not all the bank employees will be part of the strike. ICICI Bank, HDFC, Axis Bank, YES Bank and IndusInd will not be affected by the strike since they have no trade unions, reports Firstpost.
The two-day strike has been called by United Forum of Bank Union (UFBU) - an umbrella body of nine unions, including All India Bank Officers' Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organisation of Bank Workers (NOBW).
"All India State Bank Officers Federation and All India State Bank of India Staff Federation are members of UFBU. Thus, it is likely that our bank will also be impacted to some extent by the said strike call," SBI said in a regulatory filing.