All-India bank strike may impact transactions over Rs one lakh crore: ASSOCHAM

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Chandigarh

28 February 2017

DIVYA AZAD

Apex industry body ASSOCHAM has urged the state-owned bank unions to drop the day-long strike as it may impact banking transactions worth up to Rs 1.3 lakh crore including forex and paper clearing.

“The all India bank strike called under the banner of United Forum of Bank Unions (UFBU) might also impact deployment of gross bank credit worth up to Rs 1,600 crore,” said Mr D.S. Rawat, secretary general of ASSOCHAM.

“The Union Government should work towards driving reforms in India’s public sector banking industry to reign in the huge amount of non-performing assets (NPAs) in the banking system resulting in lower levels of credit off-take,” said Mr Rawat.

Banking operations such as cheque clearances, cash withdrawals (over-the-counter) and deposits at public sector bank (PSB) branches across the country might be affected as about ten lakh employees struck work.

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