Posts Tagged ‘wages’

Bank strike hits individuals, corporates alike :(

Bank Strike

A strike by over a million employees of 25 state-run banks hit both individual and corporate customers Friday, the second day of the two-day strike over wages and pensions.

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While bank managements tried to keep automated teller machines (ATMs) across the country supplied with cash, cheques were not being cleared, delaying payments all around.

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Eighty-five percent of the bank branches have reported closed.
It’s difficult to quantify how much business has been affected, but there was hardship in store for the people.

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People were inconvenienced across the country with hundreds of ATMs getting closed.


A handful that were open, such as in Kolkata, did not have cash.

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In Bangalore, banking operations, especially transactions have virtually halted, with majority of ATMs running out of cash since Thursday evening.

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The trading volume at Indian equities and bond markets is also expected to be slim Friday as a lot of payments are routed through state-run banks.

‘In bond markets, banks are big players and hence volumes will be down. As settlements and clearance process are hampered, equity trading may also get affected,’ said Jagannadham Thunuguntla, equity head at SMC Capitals.

It is estimated that an average 3.52 million cheques (valued around Rs. 26,767 crore) were cleared every day during May 2009.
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Private sector banks are open, but operations which involve transactions with public sector banks are expected to be affected.

😦

While bank managements tried to keep automated teller machines (ATMs) across the country supplied with cash, cheques were not being cleared, delaying payments all around.

‘Eighty-five percent of the bank branches have reported closed. It’s difficult to quantify how much business has been affected, but there will be hardship for the people