AHMEDABAD: As bank officers and workers went on a complete strike on Wednesday, bank transactions worth Rs 7,500 crore have been halted in one day, according to estimates by way of banks. Bank workers at 47 public sector banks in Gujarat, known as for a complete strike for two days, finishing Thursday, to protest the meagre 2% salary revision offered by way of the Indian Banks Association (IBA).
“Over two days, transactions worth an estimated Rs 15,000 crore throughout Gujarat can be halted, or Rs 7,500 crore in keeping with day. We hope our salary revision demands are approved. If now not, we will be able to announce an indefinite strike,” stated Janak Rawal, general secretary of the Mahagujarat Bank Employees Association (MGBEA).
“The majority of transactions are made through cheques and a few are online transactions like NEFT or RTGS. With banks final closed, credit of any of those transactions is not going to reflect,” he added.
Bank workers held a protest rally from Induchacha Garden close to Nehru Bridge to the Bank of Baroda office on Ashram Road, early on Wednesday morning. As these are the final two operating days of the month, a slew of transactions are stuck, thus hampering industry operations. Traders and small scale manufacturers are struggling to get their bills cleared to pay workers. “This is the time that processing salary cheques and even industry bills were stuck. If buyers don’t get bills on time, they gained’t have the ability to process bills for his or her workers in time. Moreover, many industry transactions and bills happen at the final two days which have also been hampered,” stated Jayendra Tanna, president of Gujarat Traders Federation. Exporters are also looking forward to bills. “Foreign alternate transactions are stuck up as banks are not operational. Exporters in most cases get bills on the end of the month. Without clearance, the financial and operational cycle is going haywire,” stated Jaimin Vasa, senior vp of GCCI.
Fast Moving Consumer Goods (FMCG) outlets are the impacted as a result of maximum of their procurement is on the end of the month. “Most buyers refill at the moment of the month. Even on Tuesday, bank officers refused to simply accept cheques for clearance as the banks can be close for the following two days. If our bills are not made in time, it affects our credibility,” stated Chetan Shah, president of the Ahmedabad Consumer Goods Distributors’ Association.
“Over two days, transactions worth an estimated Rs 15,000 crore throughout Gujarat can be halted, or Rs 7,500 crore in keeping with day. We hope our salary revision demands are approved. If now not, we will be able to announce an indefinite strike,” stated Janak Rawal, general secretary of the Mahagujarat Bank Employees Association (MGBEA).
“The majority of transactions are made through cheques and a few are online transactions like NEFT or RTGS. With banks final closed, credit of any of those transactions is not going to reflect,” he added.
Bank workers held a protest rally from Induchacha Garden close to Nehru Bridge to the Bank of Baroda office on Ashram Road, early on Wednesday morning. As these are the final two operating days of the month, a slew of transactions are stuck, thus hampering industry operations. Traders and small scale manufacturers are struggling to get their bills cleared to pay workers. “This is the time that processing salary cheques and even industry bills were stuck. If buyers don’t get bills on time, they gained’t have the ability to process bills for his or her workers in time. Moreover, many industry transactions and bills happen at the final two days which have also been hampered,” stated Jayendra Tanna, president of Gujarat Traders Federation. Exporters are also looking forward to bills. “Foreign alternate transactions are stuck up as banks are not operational. Exporters in most cases get bills on the end of the month. Without clearance, the financial and operational cycle is going haywire,” stated Jaimin Vasa, senior vp of GCCI.
Fast Moving Consumer Goods (FMCG) outlets are the impacted as a result of maximum of their procurement is on the end of the month. “Most buyers refill at the moment of the month. Even on Tuesday, bank officers refused to simply accept cheques for clearance as the banks can be close for the following two days. If our bills are not made in time, it affects our credibility,” stated Chetan Shah, president of the Ahmedabad Consumer Goods Distributors’ Association.
Bank strike: Business worth Rs 7,500 crore halted
![Bank strike: Business worth Rs 7,500 crore halted]()
Reviewed by Kailash
on
May 31, 2018
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