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Banks to remain shut for 4 days due to strikes, holidays

Banking unions have threatened to go on a two-day strike between September 26 and September 27 to protest against the PSU Bank merger. 

Banks to remain shut for 4 days due to strikes, holidays

New Delhi: In the wake of strikes and holidays, the several banks across the country will remain closed from September 26 to September 29, affecting regular banking services.

Four banking unions – All India Bank Officers' Confederation (AIBOC), All India Bank Officers' Association (AIBOA), Indian National Bank Officers' Congress (INBOC), National Organisation of Bank Officers (NOBO) – have called for a strike following the recent government announcement on amalgamation of 10 public sector banks into four.

These banking unions have threatened to go on a two-day strike between September 26 and September 27 to protest against the merger.  September 28 will be the last Saturday of the month and September 29 is a Sunday, and hence banks will be closed on those two days.

Finance Minister Nirmala Sitharaman had on August 30 announced that Punjab National Bank, Oriental Bank and United Bank will be merged to become the second largest PSU Bank in India. Canara Bank and Syndicate Bank will be merged into one entity to be 4th largest PSB, while Union Bank of India, Andhra Bank and Corporation Bank will be amalgamated into a single entity to be the 5th largest PSB; and Indian Bank and Allahabad Bank will become one entity to be the 7th largest PSB.

The Finance Minister further said that the Bank of India and Central Bank of India would remain independent.  After the amalgamation, only 12 PSBs will be left in India from the 27 earlier.