Banking services may be affected in the country for two days, with many banks, including State Bank of India (SBI), participating in the strike called by the United Forum of Bank Unions (UFBU).
Representing nine trade unions, the UFBU is demanding 20 per cent wage hike in the face of the Indian Banks’ Association (IBA) capping the raise at 12.25 per cent. Discussions over revising wages have been on with the IBA for some time. However, since no concrete results came of them, it was decided to call a strike.
Earlier, a 10 per cent hike had been agreed on by IBA, which has now been increased to 12.25 per cent only, whereas the unions have been asking for 20 per cent.
Coincidentally, the Budget session of the Parliament will also be taking place at the same time as the strike, with the Economic Survey being presented today, and the Union Budget for 2020-21 being presented tomorrow by the finance minister.
Customers of the banks have been notified that services may be affected today and tomorrow. The unions are also preparing to go on a three-day srike on 11 March, and again on an indefinite strike with effect from 1 April, to raise their demands.
Earlier this month, on 8 January too some bank employees had gone on strike for a day.