Banks to remain closed for 4 days from March 13. Here's why

With banks being on holiday for March 13 and 14 and the strike coming into effect from March 15, regular banking services will be affected

United Forum of Bank Unions (UFBU), which represents nine bank unions has called for a 2-day nation-wide strike from March 15 to protest against the proposed privatisation of two state-owned lenders by the government. With banks being shut on March 13 (second Saturday of the month) and 14 due to regular holidays a 4 day consecutive shut down is on the cards.

The State Bank of India has cautioned its customer about the strikes hitting regular banking hours and services. Photographer: Anindito Mukherjee/Bloomberg (Bloomberg)

Who called the strike and Why?

All India Bank Employees Association (AIBEA), All India Bank Officers' Confederation (AIBOC), National Confederation of Bank Employees (NCBE), All India Bank Officers' Association (AIBOA) and Bank Employees Confederation of India (BEFI), Indian National Bank Employees Federation (INBEF), Indian National Bank Officers Congress (INBOC), National Organisation of Bank Workers (NOBW) and National Organisation of Bank Officers (NOBO) are the nine bank unions that make up UFBU and represent a total of 10 lakh employees. All these unions have collectively called for a two-day nationwide strike to protest the proposed privatisation of two public sector banks (PSBs) as part of the Centre's disinvestment plan announced by finance minister Nirmala Sitharaman during last month’s budget session.

Conciliatory meetings held with the additional chief labour commissioner on March 4,9, and 10 failed to produce any tangible results. AIBEA general secretary C H Venkatachalam told news agency PTI that the failed meetings have influenced the union’s decision to hold a strike. "Hence, it has been decided to go ahead with the strike for two continuous days on 15th and 16th March 2021. About 10 lakh bank employees and officers of the banks will participate in the strike," PTI said quoting Venkatachalam.

Which banking services will be affected?

With banks being on holiday for March 13 and 14 and the strike coming into effect from March 15, regular banking services like opening a savings account, applying for loans, issue of demand drafts is expected to be hit. The State Bank of India has cautioned its customer about the strikes hitting regular banking hours and services, reported PTI.

Private banks like ICICI, Kotak Mahindra, Axis Bank etc are not a part of this strike and hence their working hours will not be affected. ATMs will also be operational across the country.