PSBs likely to go on strike on Tuesday

Banking operations are likely to be hit due to the proposed strike of public sector banks on Tuesday. The United Forum of Bank Unions (UFBU) has threatened to go on strike to press for various demands, including non-performing assets (NPAs), accountability of top executives, adequate recruitment for all posts and bad loans in the banking sector.

Many public sector banks, including the State Bank of India (SBI), Punjab National Bank (PNB) and Bank of Baroda (BoB), have informed the customers that their banking operations might get affected if the strike takes place. However, the banking operations of the private sector banks like ICICI Bank, HDFC Bank, Axis Bank and Kotak Mahindra Bank are expected to remain normal, except for few services. 

The UFBU, an umbrella body of nine unions, is also in opposition to the proposed government labour reforms and outsourcing of permanent jobs in the banking sector. Other demands include the compensation of employees for extra hours of work and early initiation of wage revision process of bank employees. 

In view of this, Bank Nifty plunged 1.26 per cent to close at 20,613.05 level on Monday. The biggest loser was Axis Bank, which was down by 3.56 per cent. Other banks, including Bank of India, Bank of Baroda, ICICI Bank and HDFC Bank, also faced the brunt.