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UFBU is a parent body of bank unions, including National Confederation of Bank Employees (NCBE), All India Bank Officers’ Confederation (AIBOC), All India Bank Officers Association (AIBOA) and Bank Employees Federation of India (BEFI).
As the two per cent wage hike failed to convince the
bank unions, nearly 1 million
bank employees have gone on
strike which kicked off at 6 AM on Wednesday.
Reportedly, the ATM security guards are also likely to participate in the protest. With month-end salary credits expected on Thursday, ATM closures could impact cash withdrawals.
Bank officials said they will replenish ATMs before the strike, but are apprehensive whether the ATMs — which run dry due to the heavy month-end withdrawals — can be fed again with cash by private service providers. “Online bank operations will remain fully functional. If bank branches and ATMs are forcibly closed, cash transactions could be impacted,” a regional manager of a private sector bank said.
The UFBU has demanded early wage review settlement, sufficient increase in salary and improvement in other service conditions and wage revision settlement for all officers up to scale VII.
The latest round of wage revision for all banks is due from 1 November 2017.
On 5 May, the IBA refused to revise wages for all officers, citing poor financial conditions at banks. Large public sector banks had reported huge losses in the fourth quarter of the fiscal year 2018 owing to mounting bad loans.
(With input from agencies)