Over a million bank employees pan India will be on a two-day strike starting from tomorrow – i.e. May 30 to May 31 to protest for higher wages; and this is likely to affect finances of the nation, considering that it is the end of the month when financial transactions are at its peak.

Recently, state-owned bank employees in India received proposal for a nominal 2 per cent wage hike offered by the Indian Banks’ Association (IBA); which is nominal considering the 15% that was offered in 2012. This wage negotiation was made by the IBA during a meeting on May 5, when the association made a propositions to offer two per cent hike in the wage bill cost as on March 31, 2017. It also maintained that the negotiations on officers’ demands would be restricted up to scale III officers only.

The conciliation by Union failed and hence, over a million bank employees from entire nation will hold a nationwide bank strike for higher wages on May 30 (Wednesday) and May 31 (Thursday). The strike is called by the United Forum of Bank Unions (UFBU), an umbrella body of nine unions, including All India Bank Officers’ Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organisation of Bank Workers (NOBW).

The bank employees in Mumbai are likely to organise a demonstration today at State Bank of India’s main branch at Fort and protest for hikes. While the online banking transactions will not be affected by the strike and will remain fully functional, transactions at branches are likely to be affected. Due to bank strike, ATMs may run dry and cash withdrawal would be affected, and also, the salaried class will also bear the brunt of bank strike as bank branches would be closed on May 30 and May 31.  So if you are due to make important banking transactions, make sure to work on it today or you might have to wait till Friday.

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