Customer rush at banks likely today

Friday will be a busy day at the banks with customers expected to make a beeline to the branches after a two-day strike by employees and officers brought routine operations to a grinding halt.

“There will be a crowd...,” a senior official of the State Bank of India said, anticipating more customers at the branches for transacting work that they could not undertake in view of the strike. He, however, did not rule out the possibility of some of the customers already completing the transactions through alternate, digital banking channels.

The banks, especially the eight partnering the State government for the Rythu Bandhu scheme, are also likely to see farmers coming to encash the cheques. Under the investment support scheme, rolled out on May 10, the government is providing farmers ₹4,000 for every acre of land-holding.

Up to Thursday, the cumulative payments made by the banks to farmers were ₹3,742 crore against 35.41 lakh cheques. Andhra Pradesh Grameena Vikas Bank and Telangana Grameena Bank functioned as their staffers did not participate in the strike, but extended what an official of APGVB described as “outside support” to the strike.

Friday also happens to be first day of the month, when the number of customers visiting the branches is relatively high on account of it being a salary day for many. Thus, the rush of customers is expected to spill into Saturday too.

Cash supplies through ATMs, which, according to reports from different districts, came under strain during the strike, are expected to improve. The SBI official, however, said 85% of the bank’s ATMs in the twin cities and about 75% elsewhere in Telangana were “up and running.”

On the cash availability with the banks, he said there had been no problem with regard to the operation of the Rythu Bandhu scheme as Reserve Bank of India had been supplying cash after undertaking reviews. The State government had projected payment of around ₹5,700 crore under the scheme.

For the United Forum of Bank Unions (UFBU), which had called the nationwide strike of employees and officers and in which an estimated 10 lakh people participated, it would be time to deliberate upon the further course of action.

The immediate provocation of the strike, called in support of various issues pertaining to wages, including an early completion of the negotiations, was the 2% increase in wage bill offered by the Indian Banks' Association.

“We will meet shortly,” said V.V.S.R Sarma, UFBU Convenor (AP and Telangana). It would be only after discussions among the nine constituent bank officers and employees unions that further course of action would be clear, he said, without ruling out a call for another strike for a longer duration.