Banks to remain closed for 4 days in several cities due to strike, holidays

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Bhubaneswar: Banking services across the country is likely to be affected later this week due to the strike announced by the United Forum of Bank Unions (UFBU) for several demands.

Though the strike will be observed for two days i.e.  31st January and 1st February, banks are likely to be closed for continuous 4 days in the country due to holidays before and after the strike dates. The day before the strike, i.e. 30th January is a public holiday in several states due to Basant Panchmi and Saraswati Puja (in East India). Similarly, the day after the strike, i.e. 2nd February is Sunday.

“We have been informed by Indian Bank’s Association vide their letter dated 20th January 2020 that United Forum of Bank Unions (UFBU) has served a Notice of strike stating that the members of the unions will be observing two days strike on 31st January 2020 (Friday) and 1st February 2020 (Saturday) for certain demands. In the event of UFBU proceeding on strike on 31st January 2020 and 1st February 2020, the functioning of Banks Branches and administrative offices across India may be affected. However, ATMs and Internet Banking transactions will work as normal” Bank of India has informed the Stock Market.

Ironically, while the banks will remain closed on Saturday, stock markets will remain open on that day when the Union Budget will be presented. The stock markets are generally closed on Saturdays and Sundays, except for special circumstances like Diwali Muhurat Trading.

 

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