Trade Union strike fails to deter banking operations on Sept 2

The ongoing strike which has been initiated by the central trade unions to protest against the anti-labour policies of the centre, has not taken a toll on banking operations. There was a lot of stir as 6 public sector bank employees were going to join the strike. Banks have taken necessary steps to ensure smooth functioning and that there is no cash crunch for retail customers.

Bank unions are opposing anti-people banking reforms, privatisation of banks, closure of associate banks and merger with SBI as per All India Bank Officers' Confederation (AIBOC). There is a continuous attempt by the government to push their reforms agenda aimed at privatisation of banks, consolidation and merger of banks and the like. Meanwhile, the National Organisation of Bank Workers (NOBW) and the National Organisation of Bank Officers are not part of the strike.

On Dalal Street, Nifty Bank is trading flat and has increased by just 0.08 per cent at 19805.35 with 16.5 points gain. At the same time, S&P BSE Bankex has risen by 0.2 per cent to 22723.21 on an intraday basis. BSE PSU is trading in red with a decline of 0.12 per cent at 7471.66.