Services at public sector banks may take a hit on Tuesday as all unions under the aegis of UFBU have threatened to go on strike against the government’s proposed consolidation move besides raising a host of other demands. Operations at private lenders like ICICI Bank, HDFC Bank, Axis Bank and Kotak Mahindra Bank are expected to be normal except delay in cheque clearances. The United Forum of Bank Unions (UFBU) is an umbrella body of nine unions, including All India Bank Officers’ Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organisation of Bank Workers (NOBW). He also suggested that banks should not pass on the burden of corporate NPAs on bank customers by hiking charges. As many as 21 public sector banks control 75% of the total business.

Source: Hindustan Times August 20, 2017 06:00 UTC