SBI Customers Alert! Banks May Remain Closed for 6 Consecutive Days 

SBI Strike: If you have any urgent banking tasks pending, like depositing cash, clearing a check, or handling loan-related paperwork, make sure to take care of them right away. Customers of the largest public sector bank in the country, the State Bank of India (SBI), might encounter significant challenges in the upcoming days.

Due to changes in dates and a planned strike by SBI employees, banking services could be interrupted for six straight days. Let’s break down, in simple terms, what this situation entails and when the banks will be closed.

Why is there a possibility of a shutdown for six consecutive days?

Actually, the weekend (Saturday-Sunday), a strike by bank employees, and festival holidays all overlap in the last week of May. As a result, bank branches may be closed for as long as six consecutive days in certain states.

May 23: Fourth Saturday (Banks closed nationwide)

May 24: Sunday (Weekly Holiday)

May 25: SBI employees initiate a nationwide strike

May 26: Nationwide strike by SBI employees (Day 2)

May 27: Bakrid festival (holiday)

May 28: Bakrid holiday (depending on local holidays in some states)

Why are SBI employees striking?

The All India State Bank of India Staff Federation (AISBISF), one of the largest unions representing SBI employees, has declared a two-day nationwide strike on May 25 and 26. The union states that they have been in discussions with management for an extended period regarding their demands, but have been compelled to take this action due to the absence of tangible outcomes.

Main demands of the employees’ union

The union has presented 16 key demands to the bank management, which primarily include the following:

Staff shortage: New hires should be made for vacant positions, particularly to address the lack of messengers and armed guards (security personnel).

Ban on outsourcing: Permanent work should not be assigned to external agencies (outsourcing).

Transfer and Promotion Policy: The guidelines for employee transfers and promotions should be enhanced.

Pension and NPS: Pension policies for retired employees and those covered under NPS should be improved.

Prohibition of mis-selling: Mis-selling of insurance or other products to customers (in the name of cross-selling) should be stopped.

What impact will this have on common customers?

During this long closure, if you want to go to the bank branch and get your work done, you will have to face problems.

Services affected: Cash deposits or withdrawals, cheque clearing, loan approvals, and paperwork like KYC updates may come to a complete halt.

ATM: Due to banks being closed for several consecutive days, there may be shortage of cash in ATMs also.

While bank branches remain closed, digital banking services such as UPI (Google Pay, PhonePe, etc.), mobile banking, internet banking, NEFT, and RTGS will operate as usual. However, minor technical disruptions may occur occasionally due to increased traffic.