Nationwide bank strike tomorrow: These services may be impacted
What's the story
Major bank unions across India have announced a nationwide strike tomorrow i.e. February 12. The move has raised questions among the public about whether banks will be open or closed on that day. Several top banking bodies, including the All India Bank Employees's Association (AIBEA), All India Bank Officers Association (AIBOA), and the Bank Employees Federation of India (BEFI), have urged their members to participate in this general strike.
Reason for strike
Reasons behind the strike
The strike is in response to four new Labour Codes introduced by the government in November. These codes are intended to replace 29 existing labor laws. The bank unions believe these proposed changes are against workers' rights and impose stringent conditions for registering trade unions. The unions have been demanding a better work-life balance and a five-day work week for a long time.
Operational status
Banks likely to remain open
Despite the strike call, no major bank or the Reserve Bank of India (RBI) has declared a holiday for February 12. This suggests that banks are likely to remain open on that day. However, the State Bank of India and Bank of Baroda have issued a precautionary note, warning about possible disruptions in its operations if the strike proceeds as planned.
Preparations
Bank of Baroda issues precautionary note
In its letter to BSE, Bank of Baroda said it is taking all necessary steps to ensure smooth functioning on the day of the strike. However, it also warned that if the strike materializes, operations at its branches and offices could be impacted. The bank has acknowledged receiving a notice about this planned strike from AIBEA, AIBOA, and BEFI.