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Banks Set To Remain Closed For 4 Days This Week: 10 Things To Know

Edited By Anshul (With inputs from agencies)
Bank strike: Banks observe public holidays on the second and fourth Saturdays of the month.
  1. The strike has been called by four bank unions- All India Bank Officer's Confederation (AIBOC), the All India Bank Officer's Association (AIBOA), the Indian National Bank Officer's Congress (INBOC) and the National Organisation of Bank Officers (NOBO).
  2. In a statement, the AIBOC said that the unions in the banking sector were opposed to the merger of banks.
  3. "Four lakh banking personnel will participate in the strike and Rs 48,000 crore worth of transactions will be affected in a day," R Sekaran, Secretary of All India Bank Officers' Confederation's (AIBOC), Tamil Nadu said.
  4. The official asserted that the organisation is protesting for the interest of the general public.
  5. Among other demands, the unions are also seeking immediate introduction of five-day week in full and reduction of cash transaction hours and regulated working hours.
  6. They have also demanded halting of undue interference in the existing procedure of vigilance cases by outside agencies, settlement of issues pertaining to retirees, adequate recruitment, scrapping of National Pension System (NPS), reduction of service charges for consumers and harassing of officers under specious plea of non-performance.    
  7. The AIBOC said that the nationalised banks will further observe indefinite strike from the second week of November to press for their demands.
  8. Last month, the government announced four major mergers of PSBs, bringing down their total number to 12 from 19 in 2017, a move aimed at making state-owned lenders the global-sized banks.
  9. According to the consolidation exercise, United Bank of India and Oriental Bank of Commerce will be merged with Punjab National Bank.
  10. Syndicate Bank will be merged with Canara Bank. Allahabad Bank will be merged with Indian Bank and Andhra Bank will be amalgamated with Corporation Bank and Union Bank of India.
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