Banks on strike today, industry to take hit

  • HT Correspondent, Hindustan Times, Ludhiana
  • Updated: Dec 03, 2014 13:49 IST

In only 20 days, the industry is all set to bear another jolt as all public sector and some private banks will remain closed on Wednesday. The industry estimates that transactions of at least Rs 500 crore can be affected due to the closure of banks.

These banks will remain closed in the wake of a strike call given by the United Forum of Bank Unions (UFBU) demanding revision of salaries and other demands.

A protest of bank employees in this regard had also taken place on November 12 in which several employees raised the demand of hike in salaries. However, it is the industry and common people who suffered even at that time.

In Ludhiana, at least 5,000 employees of different banks will remain on strike.

Being an industrial city, Ludhiana houses hosiery, cycle, auto parts, hand tools among many other industrial units that hold transactions worth crores every day. The hosiery industry which is seasonal is holding several transactions during this time as a large number of goods are exported and even sent to other parts of the country.

The UFBU had been protesting in different parts of the country and it was decided that a strike would be held in northern parts of the country to highlight the demands on December 3.

Vinod Thapar, chairman of Knitwear Club, said the industry that was already suffering losses would bear another jolt due to the bank strike on Wednesday.

“The hosiery industry is already in losses due to different reasons. Bank strikes always affect manufacturing as workers cannot be paid due to it. The strike can cost losses worth Rs 500 crore,” said Thapar.

On November 10, the UFBU had held discussions with the Indian Banks Association (IBA) in New Delhi where many demands were raised.

UFBU convener Naresh Gaur said the demands of employees were not being heard by the government as a result the strike would be observed. “All public sector and old private sector banks will remain closed during the strike and no transaction will take place,” said Gaur.

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