Assocham predicts bank strike to affect transactions worth Rs 15,000 crore
Associated Chambers of Commerce and Industry of India (
Around 10 lakh employees observed a strike today, hitting services at around 80,000 branches in the country.
"Public sector banks (PSBs) are already less profitable and have relatively higher ratios of non-performing assets (NPAs) compared to private sector banks. As such a complete halt of banking transactions following UFBU's decision to go on strike might result in significant losses," Assocham Secretary General D S Rawat was reported saying.
Rawat stressed that banking sector reforms are the "need of the hour," and the functioning of the PSBs needs to be refurbished.