Banking and financial activities have come to a standstill in Telangana region due to the two-day bandh call given Tuesday and Wednesday by various political parties demanding formation of a separate state of Telangana.
According to All India Bank Officers Association, banking transactions worth Rs 20,000 crore will be affected during these two days as most of the 5,000 odd branches of all banks in the region may remain closed.
V Anil Kumar, General Secretary, AIBOA, Andhra Pradesh unit said that the total transactions of all banks put together in Telangana region will be around Rs 10,000 crore per day.
"Most of the branches will be closed in the region fearing attacks. We are more worried about bank properties. Some of the branches of Andhra Bank in Telangana were attacked during bandhs in the past. We do not want that," Anil Kumar said.
Though clearing houses will not be affected, the same may affect tomorrow as people cannot deposit cheques on Tuesday.
It will take three days for bank employees to clear the backlog, he added.
According to an official spokesperson of All India Insurance Employees Association, the bandh may show affect on insurance premium collection in the region.