Banking services set to be hit on Tuesday

A large number of banks have already informed their customers that functioning of branches and offices will be impacted if the strike takes off

They are also demanding no write-off policy for non-performing assets (NPAs) of corporate loans, laws to declare wilful default of loans as criminal offence and implementation of recommendations of Parliamentary Committee on recovery of NPAs.

Operations at private lenders like ICICI Bank, HDFC Bank, Axis Bank and Kotak Mahindra Bank are expected to be normal except delay in cheque clearances.

Venkatachalam, also stated that the government should abolish the bank board bureau and ensure stringent measures to recover the outstanding loans and accountability of top executives.

Following the conciliation meeting convened on Friday by Chief Labour Commissioner AK Nayak, Bank Unions have made a decision to go ahead with a nationwide strike.

Over 10 lakh employee and officers will be going ahead with the strike on Tuesday bringing the banking operations to a halt. On August 16th, during the meeting, the IBA could not commit to resolving any of the demands of UFBU.

The day-long strike has been called by various unions under the umbrella of United Forum of Bank Unions (UFBU), which has nine unions under its fold.

The employees are protesting against the proposed consolidation of public sector banks, inadequate capital support for banks and loan defaults by large borrowers.

The government is looking to reduce the number of public sector banks to 10-15, through a series of mergers and acquisitions, Mint reported on 21 August, citing Sanjeev Sanyal, principal economic adviser at the finance ministry. "As no such assurance came at the conciliation meeting, we have chose to go ahead with the August 22 strike".

The UFBU in the statement said that almost 10 lakh employees and officers of various banks all over the country would observe the strike.

The UFBU, which was protesting against reforms in the banking sector, called for the strike after its meeting with Chief Labour Commissioner AK Nayak failed to reach any conclusion.

All attempts to hammer out solutions to the demands raised by the unions bore no fruit and hence, UFBU chose to proceed with the proposed strike on August 22, said Mr Franco of the UFBU.

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