The economic capital of the state was hit hard by the two-day strike called by the United Forum of Bank Unions (UFBU). Owing to the disruption in banking services, the business was down by about 50 percent this festival season.
The financial services industry has witnessed a standstill. Even though the ATMs were operational, those at the main centres were cash-deficient. Around 50,000 bank employees, ranging from part-time sweepers to chief managers, participated in the strike, claimed United Forum of Bank Unions.
The banks in the state worked only till Tuesday. After the full functioning on Friday, the banks will work normally half day on Saturday, resulting in only two-and-half working days this week. Most of the employees will be on leave due to Onam in the next week, and banks are closed on August 28 and 29 for Onam. Again on account of ‘Sreenarayanaguru Jayanthi’ banks will be closed on August 31. Banks in the state are fully operational only on five days in two weeks because of strikes and holidays. The bank holidays on consecutive days add fuel to the worries of the business community.
“Owing to the two-day long strike of the bank employees the sales were hit by about 50 percent. The disbursement of advances and festival allowances were hit. The money from the government employees has not come to the market yet. We are expecting a possible spurt in sales in the days to come,” said Jose Ponnezhath, state president of Dealers Association of TV and Appliances-Kerala.
Normal banking operations, including cash transactions, cheque clearances, foreign exchange dealings were also affected.
It is expected that banks may fill cash in the ATMs early on Friday to avoid rush in the branches. “After a long gap of six years, bank employees are staging a two-day protest. The employees from commercial banks have also participated in the strike. Since the majority of the customers have started to use ATMs, debit and credit cards, we believe that the impact of the two-day strike was minimal,” said C D Joson, state convener of United Forum of Bank Unions
The employees of 24 public sector banks (PSBs) and 12 private banks participated in the strike against reform measures such as the Banking Sector Laws Amendment Bill.
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