A nationwide bank strike has been called and will kick off on May 30 at 6 AM. The strike is a result of a meager 2 percent hike failing to convince bank unions. The two-day strike will carry on until June 1, 6 AM, as employees will protest the wage hike. The move could result in a cash crunch as ATM services and other banking services can be impacted.
Bank unions have been pressing on for a wage revision following reports of a 2 percent salary hike. Reportedly, All India Bank Employees Association president Rajen Nagar said that even the ATM security guards will also take part in the strike. Since the strike will be held at the end of this month, salaried people may have trouble in withdrawals.
State Bank of India’s services may be affected, reports Financial Express. However, several other reports mention that ICICI Bank, HDFC Bank, Axis Bank, YES Bank and IndusInd Bank won’t be affected by the strike as they do not have trade unions.
"People will start withdrawing money, creating a panic situation and many ATMs could go dry," said C H Venkatachalam, General Secretary, All India Bank Employees Association (AIBEA). According to reports, around a million employees will go on strike during the 48 hour period.Read More