The United Forum of Bank Unions has been discussing the wage bill hike issue with the Indian Banks’ Association. In the last meeting earlier this month, IBA proposed that the wage bill be increased by 2% for the next five years.
The strike is likely to affect the banking operations across the country. Cash withdrawals from ATMs and cheque clearance are likely to be hit, banking sources said, "as the strike has come during the month end, salaried class and small units are likely to bear the brunt."
Bank unions announce strike: On May 5 in Mumbai, IBA made two unacceptable propositions including an offer of 2 per cent hike in the wage bill cost as on March 31, 2017, United Forum of Bank Unions (UFBU) said in a statement.