CSB Bank's operations to be impacted on account of strike by labour union

CSB Bank said that today (14 March 2021) the normal functioning of the branches/offices of the bank may be affected on account of the strike being done by the United Forum of Bank Unions (UFBU) and its members.

In a regulatory filing made on Sunday (13 March 2021), the bank said that the United Forum of Bank Unions (UFBU) has given notice that members of all the constituent unions of UFBU propose to go on strike on Monday, the 14 March 2022, demanding resolution of several issues.

ln case the proposed strike materializes, employees and officers of the Bank belonging to the constituent unions of UFBU in the bank, may partake in the same which may affect the normal functioning of the branches/ offices of the Bank at a minimum level, as only less than 30% of the total work force of the Bank is affiliated to various unions.

The alternative banking channels will continue to function normally, the bank added.

CSB Bank has a strong base in Kerala along with significant presence in Tamil Nadu, Karnataka, and Maharashtra. It offers a wide range of products and services to overall customer base of 1.6 million, with particular focus on SME, retail, and NRI customers.

The bank's standalone net profit surged 179.5% to Rs 148.25 crore on a 5.6% decline in total income to Rs 579.81 crore in Q3 FY22 over Q3 FY21.

The scrip shed 0.12% to currently trade at Rs 211.70 on the BSE.

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