Markets limp due to day-long-strike of PS banks

Mumbai Public Sector banks, barring State Bank of India, observed a day-long strike against consolidation in banking space.

Various employee unions gathered at the local Azad Maidan in Mumbai to register their protest against the merger of State Bank of Saurashtra with State Bank of India and over other issues.

The strike was not supported by all bank unions, or major banks such as State Bank of India and ICICI Bank.

Over the counter transactions were almost closed and clearing operations were partially affected.

ATM operations were partially affected.

The Impact was felt more by small businesses as cheque-payments were held up for the day.

In the financial markets dealers said trading volumes were lower than normal but trade was not unduly disrupted. Bombay Stock Exchange trading and settlements were not impacted by the strike

The last six days have been tough for the consumer as a series of holidays and strike had kept most of the banking transactions suspended.

The unions behind the strike have said they will take further action if their demands are not addressed.