INSUBCONTINENT EXCLUSIVE:
20,000 crore was affected by bank strike that continued for second day on Wednesday, said All India Bank Employees' Association (AIBEA) -- a
leading union in banking sector
The central trade unions in country are striking work for two days -- January 8 and 9 -- protesting against various policies of Central
In a statement issued here, AIBEA said cheques worth about Rs 20,000 crore could not be cleared by clearing houses all over country."Even
though officers in banks did not join strike, they have extended fraternal support
Hence, though branches are kept open, normal banking services like cash transactions, clearance of cheques, remittances, bills discounting,
government treasury operations, foreign exchange transactions, negotiation of import and export bills, were affected," statement
said.According to AIBEA, only major problem in banks is huge bad loans amounting to over Rs 13 lakh crore.Owing to these bad loans and
provisions for bad loans, 19 out of 21 public sector banks are in net loss though they earned an operating profit of Rs 155,585 crore as on
March 31, 2018.But amount provided for bad loans and others was Rs 240,956 crore
Hence, a net loss of Rs 85,371 crore for 21 public sector banks, statement said.
