Bank strikes hit transactions worth Rs 1.75 lakh cr in 6 southern states

Around 150,000 employees have participated in the strike

Around 25 million cheques worth Rs 1.75 lakh crore are reportedly held up for clearance due to the zonal strikes called by the United Forum of Bank Union (UFBU) and National Union of Bank Employees.

C H Venkatachalam, general secretary, All India Bank Employees Association (AIBEA) said that about 150,000 employees, officers and managers have participated in the strike in about 23,000 branches across Tamil Nadu, Kerala, Andhra Pradesh, Telegana, Puducherry and Andaman & Nicobar.

The strike is to demand early conclusion of the wage revision settlement for the bank staff which is due from November 2012.

"Due to high inflation and heavy increase in workload, a reasonable wage revision is justified. Unfortunately, the Indian Banks' Association (IBA) is willing to offer only 11 per cent increase over the existing wage bill, which is inadequate. Unions are willing to negotiate their demands and accept a reasonable wage hike but IBA's tough stand is provoking more and more strike in Banks," said Venkatachalam.

He added, earlier the Bank employees held strikes and protest in December, 2013, February 2014 and November 2014.

"The burden of reduction in net profits due to heavy provision for bad loans cannot be passed on the shoulders of the staff when they ask for wage revision. By stringent measure's bad loans can be recovered. But to deny reasonable wage increase is unfair and unacceptable," said Venkatachalam, urging the Government to intervene and help to work out an amicable settlement.