SehaJ
Troublemaker
Employees of nationalised banks on Friday went on a day-long nationwide strike to oppose the proposed merger of associate banks with the State Bank of India disrupting normal function of the banking sector.
United Forum of Bank Unions, apex union of bank employees, claimed that over 10 lakh employees and officers are observing strike to press their demands.
"Normal banking transactions have been disrupted across 50,000 branches all over the country," UFBU General Secretary V K Gupta told PTI.
UFBU, comprising nine all-India unions and organisation, has been opposing merger of SBI's associate banks with the parent financial lender and outsourcing of work.
Earlier during the week, the conciliation meeting held in the office of Chief Labour Commission between Indian Banks Association and the employee association failed to yield any positive result.
Besides, the union has been demanding second pension option, appointment on compassionate ground and early settlement on wage revision.
Stock market settlement affected: Banking services and stock market trade settlements were paralysed because of the bank employees' strike. Banking services were out of reach of customers in almost all the 50,000 branches of state-run financial institutions for the next two days, as Friday's strike is followed by a holiday on Saturday on account of Republic Day which will be followed by Sunday.
Stock market investors, including the NSE and BSE, were also at the receiving end as no settlement of cash and derivative trades were possible.
Earlier in the week, a conciliation meeting held in the office of Chief Labour Commissioner between Indian Banks Association and the employee association failed to yield any result.
United Forum of Bank Unions, apex union of bank employees, claimed that over 10 lakh employees and officers are observing strike to press their demands.
"Normal banking transactions have been disrupted across 50,000 branches all over the country," UFBU General Secretary V K Gupta told PTI.
UFBU, comprising nine all-India unions and organisation, has been opposing merger of SBI's associate banks with the parent financial lender and outsourcing of work.
Earlier during the week, the conciliation meeting held in the office of Chief Labour Commission between Indian Banks Association and the employee association failed to yield any positive result.
Besides, the union has been demanding second pension option, appointment on compassionate ground and early settlement on wage revision.
Stock market settlement affected: Banking services and stock market trade settlements were paralysed because of the bank employees' strike. Banking services were out of reach of customers in almost all the 50,000 branches of state-run financial institutions for the next two days, as Friday's strike is followed by a holiday on Saturday on account of Republic Day which will be followed by Sunday.
Stock market investors, including the NSE and BSE, were also at the receiving end as no settlement of cash and derivative trades were possible.
Earlier in the week, a conciliation meeting held in the office of Chief Labour Commissioner between Indian Banks Association and the employee association failed to yield any result.
