[The news of the strike has been virtually blacked out by the mainstream media.]
http://economictimes.indiatimes.com/industry/banking/finance/banking/banking-operations-were-hit-by-all-india-strike/articleshow/53452534.cms Banking operations were hit by all India strike By Atmadip Ray & Saikat Das, ET Bureau | Jul 29, 2016, 06.17 PM IS KOLKATA/MUMBAI: Banking operations across India were severely hit on Friday with about 8-10 lakh employees observing a one-day strike, protesting government's bid to privatise IDBI BankBSE -0.71 % and merge State Bank of IndiaBSE -0.82 % and their associate banks. Day-to-day services like cash deposits and withdrawal, cheque clearance got hampered due to the agitation. The strike, called by United Forum of Bank Unions (UFBU), the umbrella organisation of nine large bank unions, has hurt treasury operations as well for many lenders. "The strike has hurt treasury operations for many broking or bond houses, and cooperative banks which hold settlement accounts with state-owned banks," said Debashis Mitra, dealer - money markets and government securities, SBI DFHI Primary Dealer. Industry body ASSOCHAM said that Friday's strike might have hampered financial transactions worth Rs 12,000 crore to Rs 15,000 crore. "Public sector banks are already less profitable and have relatively higher ratios of non-performing assets 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 DS Rawat said. The inter-bank payment and online bank transactions however went on smoothly as Reserve Bank of India's payment systems were running without disruption. "About 10 lakh bank employees and officers working in public sector banks, old private banks, foreign banks observed one day strike successfully to oppose the anti-people banking reform policies of the central government," All India Bank Employees' Association president Rajen Nagar said. Peace Is Doable -- You received this message because you are subscribed to the Google Groups "Green Youth Movement" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. To post to this group, send an email to [email protected]. Visit this group at https://groups.google.com/group/greenyouth. For more options, visit https://groups.google.com/d/optout.
