UFBU to go ahead with two days continuous strike on 6th and 7th August, 2009
As per News Reports, Employees governed by IBA rules, in the Banking Industry, are likely to go on strike on two days i.e 06th August 2009 and 07th August 2009.
In the event of this strike materializing, there will be major disruption in the trade settlement cycle, and also to Saving Bank Account Holders.
ePayments will be affected, at the same time, the Cheque Clearing Operations too will be effected.
In my opinion, ePayments users can follow the below mentioned tips, for their peace of mind.
01) Execute only critical, unavoidable ePayment transfers
02) Execute RTGS Transactions before 4.00pm, to ensure 100% funds are credited to the beneficiary on the same day, or returned back, in case of any discrepancy.
03) Execute NEFT Transactions before 12 noon, to ensure 100% funds are credited to the beneficiary on the same day, or returned back, in case of any discrepancy.
04) For any expected ECS Debit Transaction, note to fund the respective account on 05th August 2009
05) ATM’s might run out of cash. Therefore, withdraw adequate cash for the next couple of days.
06) Cheque Clearing Operations too will be disrupted. The point to be noted here, that majority of the Post Dated Cheques(PDC’S), for Loan Credits in our country are presented on 7th of every month. Thus, adequate balance has tobe maintained by the PDC’s issued account holders, for the next couple of days. Otherwise, there will be heavy cheque return charges!!!!!
The spill-over might last on 9th August 2009 and 11th August 2009 also. Hence, expect the ePayments Network, to be over-burdened on this two days also.
It has been a long time, since the Banking Industry has witnessed a two-day strike. This experience might help the ePayments Participants to be prepared for such future disruptions.
NOTE:- I am not in favor or against this two-day strike. I am only interested in ePayments, and the impact of various factors on ePayments.
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