Bank Strike: SBI Services to be Affected on January 31 and February 1

The State Bank of India (SBI), worries that its services may be affected due to the two-day bank strike called by employee unions next week. If the bank strike materialises, the banking services could be affected in two days: January 31 and February 1. The Economic Survey would be presented in Parliament on the 31st, while the Minister of Finance, Nirmala Sitharaman, would present the Union Budget for 2020-21, the next day.

"While bank (SBI) has made all arrangements to ensure normal functioning in its branches and offices, it is likely that work in our bank may be impacted to some extent by the strike," said SBI in a notice issued to stock exchanges. It said that it had been advised the Indian Banks' Association (IBA) that the United Forum of Bank Unions (UFBU), which has significant unions, called for a strike across India by employees of the Bank on January 31 and February 1.

The effect of the bank strike could be felt in several major PSU banks, as unions including both officials and other employees have threatened to join the strike call.

After the wage-related talks failed with the IBA the bank strike call was made earlier this month. The unions want a 20% salary revision, 5-day work per week, merger of special subsidies with the basic salary, elimination of the new pension scheme, update of pensions and improvement of family pensions, exemption from income tax benefits withdrawn without limit, etc.

Bank employees also met in a strike on January 8, but at that time the protests were related to the merger of PSU banks and the economic policies of the BJP government.