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| Bankers’ strike empties city ATMs | | | Early Times Report
Jammu, Aug 7: On the second and last day of nationwide strike of Bankers most of the Automated Teller Machines (ATMs) of various nationalised banks ran empty.
Due to the two day strike of the bank, the ATMs are put to maximum use. Commuters were seen waiting outside the ATMs of the state bank in long queues for money transaction. ''Though the state banks are functioning in routine all other national banks are closed due to the strike, which has brought life to a standstill,'' a commuter rued while waiting outside an ATM.
Meanwhile, a strike by over a million employees of public sector banks affected both individual and corporate customers today, the second day of the two-day strike over wages and pensions as the strike falls in the first week of the month.
While bank managements tried to keep automated teller machines (ATMs) across the country supplied with cash, cheques were not being cleared, delaying payments all around. "Eighty five percent of the bank branches have reported closed. It's difficult to quantify how much business has been affected, but there will be hardship for the people," a senior functionary of the Indian Bank Association (IBA), a body representing bank managements told media.
"Cheques will be cleared on Saturday but the remittances will happen only by Tuesday. However, online remittances are on, which will help reduce the impact of the disruption," he added.
The trading volume at Indian equities and bond markets is also expected to be slim today as a lot of payments are routed through state-run banks.
"In bond markets, banks are big players and hence volumes will be down. As settlements and clearance process are hampered, equity trading may also get affected," said one share broker.
It is estimated that an average 3.52 millon cheques (valued around Rs.26,767 crore) were cleared everyday during May 2009.
Private sector banks are open, but operations which involve transactions with public sector banks are expected to be affected.
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