Bank strike on November 19, banking and ATM services might be hit: Report
The banking services across the country will be affected on November 19 i.e Saturday due to the strike called by the All India Bank Employees’ Association. The Bank of Baroda in a regulatory filing said the general secretary of the AIBEA had served a notice of the strike to the Indian Banks’ Association informing that the members propose to go on a strike in support of their demands, Livemint reported.
The lender said that necessary steps are being taken to ensure smooth functioning of bank’s branches and offices on the strike days. However, it said that in case the strike materialises, the functioning might be affected.
As per rules, November 19 happens to be the third Saturday. The banks remain open on the first and third Saturdays.
This month, the banks will be closed on ten days which includes the festivals and the second and fourth Saturdays.
In another development, the currency in circulation declined during Diwali week for the first time in 20 years. In its report Ecowrap, the Stat Bank of India Research said innovation in technology changed the Indian payment system. The report attributed it to the growth in digital transactions.
The report stated that the Indian cash lead economy changed to smartphone-led payment economy.