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The Banks in India will remain closed on March 13 and March 14 due to the second Saturday and Sunday. However, bank services across the country are likely to be hit on March 15 and Match 16 (Monday and Tuesday) due to the Bank strike call given by unions. While the services at government banks will hit for the next four consecutive days, you can still manage to do bank-related works.
The United Forum of Bank Unions (UFBU) has called for the bank strike. The UFBU is basically an umbrella body of nine unions. According to reports, around 10 lakh bank staff are set to participate in the two-day Bank Strike. All India Bank Employees Association (AIBEA), National Confederation of Bank Employees (NCBE), All India Bank Officers’ Confederation (AIBOC), All India Bank Officers Association (AIBOA), National Bank Employees Federation (INBEF), Bank Employees Confederation of India (BEFI), National Organisation of Bank Workers (NOBW), Indian National Bank Officers Congress (INBOC), and National Organisation of Bank Officers (NOBO) have called for a bank strike to protest the Central government’s proposal to privatize two public sector banks (PSBs)
State Bank of India (SBI) operations to be hit: While State Bank of India (SBI) authorities have trying to ensure works go on as usual in its branches. However, a BSE filing indicated that that bank strike called by the Indian Banks Association (IBA) that United Forum of Bank Unions (UFBU) may likely to impact the normal function. Another public lender Canara Bank has also indicated that functions are likely to get hampered at its branches due to the bank strike in March 2021
Bank Strike in March 2021 Reason: This has come after Union Finance Minister Nirmala Sitharaman in the Budget 2021 speech had announced the central government’s plan to privatise two public sector banks (PSBs). The central government’s plan was to generate Rs 1.75 lakh crore through a disinvestment plan. Apart from merging 14 public sector banks, the Central government had already sold the majority stake of IDBI Bank to LIC.
However, you can still manage to do bank-related works given that ATM services and Internet banking will by and large remain unaffected. So, apart from regular ATM services, you can check the account statement, pay utility bills, make merchant payments, and do fund transfer, order a cheque book, open any types of account, and buy general insurance through Internet banking.