Transactions to the tune of Rs.50,000 crores stalled in the state
Hyderabad, January 25, 2008
In response to a call given by the United Forum of Bank Unions for a one-day strike, ordinary people had a hard time of it with all banks downing their shutters. The unions have been demanding revision of pension, dropping of plans to merge subsidiaries with the State Bank of India, and outsource work, restoration of compassionate appointments and settlement of wage revision.
Nearly 7,000 branches of various public sector banks in the twin cities were closed today. The strike took many customers by surprise and the difficulty was compounded by the ATMs running dry.
According to bank sources, transactions to the tune of nearly Rs.50,000 crore could not be carried out today as 6,000 branches of various banks across the State shut shop. The volume would reach Rs.2 lakh crore by Monday as Saturday and Sundays are holidays. Commercial operations across the country were affected due the one day strike by bank employees. However, business took place for private sector banks like ICICI and HDFC.
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