100 million cheques uncleared due to bank strike

Total value of instruments pegged at Rs 7,40,000 cr; ATMs dry up in many places

All over the country about 100 million cheques worth Rs 7,40,000 crore could not be cleared, due to bank employees strike across the country. The two day strike, on Monday and Tuesday, was called by United Forum of Bank Unions.

 

C H Venkatachalam, general secretary, All India Employees Association, said across the country about 100 million cheques worth Rs 7,40,000 crore could not be cleared.  In Chennai clearing house, about 9 million cheques worth about Rs  64,000 crore could not be processed in clearing.  Government transactions, foreign exchange transactions, Money market operations, etc. were also affected.  In many places, ATMs did not function or were dried up.  

 

 

UFBU comprises of nine banks trade unions, including AIBEA, AIBOC, NCBE, AIBOA, BEFI, INBEF, INBOC, NOBW, NOBO  one million bank employees and officers working in public sector banks, old generation private banks, Regional Rural Banks, workmen employees of foreign Banks observed.

The Unions following demands including immediate Wage Revision for bank employees and officers and stop retrograde Banking Sector reforms

 

The Union has said that the Wage Revision Settlement in the Banks is due from November, 2012 and UFBU has alleged that Indian Banks Association (IBA) has been delaying the matter for the past one year.  

 

While noting that Nachiket Mor Committee has suggested the Banks should cover all the citizens of this country.  That means that Banks have to open another 500 million accounts, this will further add to the workload on the employees and officers.  “Already, we are dealing with so many schemes of the Government which increased the volume of work. Hence a reasonable wage revision is necessary,” said C H Venkatachalam, general secretary, All India Employees Association.

 

He added, IBA has offered to increase the wages by 10% which is inadequate.  Hence their offer is not acceptable. IBA is stating that profits in the Banks are not good and hence cannot afford to give more wage revision, which Unions refuse to accept the demand.

We are ready to resolve the issues by discussions and always open to resolve the demands by discussions and negotiations but IBA and the Government should also be forthcoming.  If the same negative attitude will continue, we will be left with no alternative than to further intensify the agitation,” said Venkatachalam.