UFBU strike: Public, industry on receiving end as transactions worth ₹800-cr hit in Ludhiana

Banking transactions worth ₹800 crore were affected on the first day of strike by United Forum of Bank Unions (UFBU) against privatisation of banks; the move according to industrialists not only affects business at large, but also the credibility of suppliers and buyers due to delay in payments.

With the United Forum of Bank Unions (UFBU) kicking off a two-day strike against privatisation of banks on Thursday, the public and industrialists were on the receiving end as banking transactions worth ₹800 crore were affected on the first day.

Janta Nagar Small-Scale Manufacturers’ Association president Jaswinder Thukral said, “We could not pay for raw material, which will delay the production process. “ (HT Photo)

Seeking quick resolution of the issue, industrialists said that closure of banks not only affects business at large, but also the credibility of suppliers and buyers due to delay in payments.

All Industries and Trade Forum president Badish Jindal said with banking transactions affected, the industry also has to pay interest due to delayed payment of bank loans. “The government on the other hand benefits from these strikes as interest payable on loans increases. Bank employees should not hold banking services hostage as the entire industry and the general are harassed and face monetary losses at large,” said Jindal.

‘Production process delayed’

Janta Nagar Small-Scale Manufacturers’ Association president Jaswinder Thukral said, “We could not pay for raw material, which will delay the production process. It is the industry which bears the brunt of these strikes.”