Bank strike will impact financial predictability, business continuity, say trade bodies

While the State Bank of India (SBI) on Thursday issued an advisory urging customers to complete all important transactions before the three-day nationwide bank strike from September 28, trade bodies in Bengaluru argued that industry needed predictability and continuity, especially at a time when cash flows and financial settlements are critical.

SBI’s customer advisory was issued in view of the proposed nationwide bank strike by the United Forum of Bank Unions (UFBU) from September 28 to 30. The UFBU, which claims to represent 90% of the banking workforce, is seeking a five-day banking week, among other demands.

The proposed strike, coming immediately after the weekend, could effectively result in a prolonged disruption of banking services during the critical month-end and half-year closing period, the Federation of Karnataka Chambers of Commerce and Industry (FKCCI) said.