Strike cripples banking sector | india | Hindustan Times
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Strike cripples banking sector

india Updated: Aug 06, 2009 22:23 IST
HT Correspondent

Renuka Argade (31) had promised a payment against a cheque that was to get cleared into her account on Thursday. But now, she will have to wait till Saturday thanks to a two-day strike called by the United Forum of Bank Unions (UFBU).

The nation-wide strike was called after UFBU’s talks regarding raising wages and pension for bank employees with Indian Banks’ Association (IBA) failed.

The strike saw eight non-nationalised banks along with 26 public sector banks participating in it. Non-public sector banks participating in the strike include HSBC, Catholic Syrian Bank, Federal Bank, Karnataka Bank, Karur Vysya Bank, Laxmivilas Bank, South Indian Bank and Ratnakar Bank.

“I know it’s not my fault but I still feel answerable to the person I was supposed to pay, even though they have been most understanding about the situation and have promised to not deposit the cheque as they bank with a private bank that is not part of the strike,” she said.

Operations such as cheque clearance, bullion transactions and forex and bond market volumes were affected due to the strike as branches of participating banks remained closed on Thursday.