Banking services were hit across the State as around 25,000 employees and officers went on a two-day strike on Monday, protesting the proposed privatisation of two public sector banks.
The proposal was announced by Union Finance Minister Nirmala Sitharaman during her Union Budget speech in the Parliament.
The bank employees owing allegiance to various constituent unions of the United Forum of Bank Unions (UFBU) boycotted their duties, in response to the nationwide strike call given by the UFBU. The bank employees also staged demonstrations across the State, opposing the move.
2,000 branches remain closed
The strike paralysed financial transactions including that of treasury. Cash transactions were hit as around 2,000 branches of public sector banks in the State remained closed. The government treasury transactions could not be put through. In most of the places, clearing operations, especially outward clearing, was affected.
The ongoing strike will be followed by a four-day break in banking operations as banks will remain closed on March 13 (second Saturday) and March 14 (Sunday).
ATMs run dry
The ATM kiosks went dry by the noon at many places as the cash was not replenished in tune with the requirements. The people were seen rushing from one ATM to another to withdraw money. Panic withdrawals were also seen at a few places.
The bank employees staged protests at two different locations at the Dharna Chowk in Vijayawada. Krishna district bank employees’ coordination committee secretary Y. Srinivasa Rao said that the strike would continue on Tuesday.
“The public sector banks being taken over by private vested interests should be stopped. The alarming rise in bad loans and nonperforming assets (NPAs) are ailing the public sector banks and a majority of defaulters are corporate firms. Instead of taking tough action against them, the government is out to whitewash the balance sheets by shifting these bad loans from the books. A Bad Bank has also been proposed for the purpose,” he said.
