Customers must brace for a very long weekend ahead at India's government banks

It will be a long and arduous weekend for bank customers of Indian public sector banks. Four banking unions have called for a strike, protesting the merger of ten banks announced by Nirmala Sitharaman on 30 August 2019.


Other inconveniences aside, public sector banks will remain closed for two days on 26 and 27 September 2019. This strike is followed by 28 September 2019, which is the fourth Saturday of the month — a banking holiday.


After the weekend, the banks will also be shut next Monday as it is the half-yearly closing day as the quarter ends.


Overall, this means that public sector banks will be closed for five days straight. After a one day respite on 1 October 2019, banks will be shut again on 2 October 2019 for Mahatma Gandhi Jayanthi — another holiday.


The continuous shutdown will affect cheque clearances, cash deposits and withdrawals, demand draft clearances and other transactions.


This long pause in public banking services will also affect online transactions like RTGS and NEFT. However, IMPS transactions will continue providing respite to scores of customers.


The country’s largest bank, State Bank of India (SBI) admitted that the strike might affect operations.


“While the bank has made all arrangements to ensure normal functioning in its branches and offices, it is likely that work in our bank may be impacted to some extent by the strike,” SBI said in a statement on Bombay Stock Exchange.


All India Bank Officers Confederation (AIBOC), All India Bank Officers Association (AIBOA), Indian National Bank Officers Congress (INBOC) and National Organization of Bank Officers (NOBO) have given a call for the strike.



{{}}
Add Comment()
Comments ()
X
Sort By:
Be the first one to comment.
We have sent you a verification email. This comment will be published once verification is done.