https://images.newindianexpress.com/uploads/user/imagelibrary/2020/1/31/w900X450/BANKSTRIKE3.jpg — 16,000 branches of public sector banks in Tamil Nadu downed shutters after a two-day strike. (Photo | Debadatta Mallick, EPS)

Rs 7,000 crore worth of transactions hit due to bank strike in Tamil Nadu

All India Bank Employees Association (AIBEA) general secretary CH Venkatachalam told Express that nine lakh cheques worth Rs 7,000 crore in the state could not be processed due to the bank strike.

31 Jan 2020, 16:50

CHENNAI: Banking transactions worth around Rs 7,000 crore were hit as around 16,000 branches of public sector banks in Tamil Nadu downed shutters after a two-day strike call was given by the United Forum of Bank Unions (UFBU) and Indian Bank's Association (IBA).

All India Bank Employees Association (AIBEA) general secretary CH Venkatachalam told Express that nine lakh cheques worth Rs 7,000 crore in the state could not be processed due to the bank strike.

The strike was called after differences between bank employees' union and management over a 20 per cent pay hike and five-day work week among others failed to get resolved.

In many places, ATMs have run out of cash. Cash could not be deposited or withdrawn and cheques could not be sent to the clearing house, putting customers in difficulty.

The strike will continue on Saturday also, affecting banking transactions for a second day.