Business Chambers | One-day nation wide strike costs heavily…

The suspension of work in the banks could hamper banking transactions which are crucial for the conduct of business operations especially in areas which are serviced by branch banking operations, the industry body stated.

As a nationwide strike of trade unions hit banking and other services on Wednesday, business chambers pegged the loss to the economy at a staggering Rs 25,000 crore and said such “disruptive” actions can hit India’s image as an attractive business destination.

Stating that labour law reforms are crucial and important to create a conducive environment for investments and employment generation in the country, industry body CII said the process of tripartite consultation adopted by the government and hoped that all concerned will amicably resolve their differences through a consultative process.

Employees of State Bank of India’s (SBI’s) associate banks, including State Bank of Mysore, State Bank of Patiala, State Bank of Travancore and State Bank of Hyderabad, went on a one-day strike on Thursday to protest the move to merge them with the SBI permanently.

They also demanded filling up of vacancies, increasing the staff strength in the Housing loan section and extending the compassionate ground appointments to associate banks also.

A day-long nationwide strike today impacted normal life in various parts of the country with coal production, banking operations and transport services being hit the most, while violent clashes erupted in West Bengal resulting in arrest of over 200 persons.

The talks held in Delhi over these issues recently had failed, prompting the unions to call for the strike.

The All India Bank Employees Association claimed that 50,000 employees participated in the strike on Thursday.

Banking services were among the worst hit as 23 public sector banks, 12 private sector banks, 52 regional rural banks and over 13,000 cooperative banks joined the stir. However, the staff at SBI, Indian Overseas Bank, ICICI Bank, HDFC Bank and Axis Bank choose to stay away from the strike.

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