Nationwide strike impacts banking ops

Branch banking operations like cheque clearance, deposit and withdrawal of cash across many places in the country were impacted on Tuesday as the United Forum of Bank Unions (UFBU) observed a nationwide strike demanding the immediate implementation of a five-day work week.
The strike by the UFBU, an umbrella body of nine unions representing officers and employees, materialised after a conciliation meeting with the Chief Labour Commissioner on January 23 failed to yield a positive outcome.
Nearly 8 lakh employees of various unions of public sector banks participated in the strike call given by UFBU.
According to estimates, cheques worth Rs 4 lakh crore were held up for clearance, cash transactions were impacted and bill trading, bill discounting and trading were affecting and treasury operations at the public sector banks were also shut at many places, All India Bank Employees Association (AIBEA), a constituent of UFBU, general secretary C H Venkatachalam told PTI.
The strike also affected banking operations across Nagaland.