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Though major private sector and foreign banks like ICICI Bank, Citi Bank and Standard Chartered partly offset the effect of strike, the impact was clearly visible on various banking functions as PSU banks control about 70 per cent of these operations.
Reports received from various centres, including the financial capital Mumbai, Delhi, Kolkata and Chennai, said cheque clearing operations, foreign currency as well as money market operations and the government transactions by the public sector banks were crippled.
"The strike has been very very successful. Operations in most of the banks have been completely hit," United Forum of Bank Unions (UFBU) convener C H Venkatachalam told PTI.
While ATMs Thursday provided some respite to customers for their cash requirements, they are likely to be empty by Friday, aggravating the hardships for the common man.
Echo of the strike was reverberated in the Indian Parliament as Communist Party of India (CPI) leader Gurudas Dasgupta said he apprehended "prolonged confrontation" between unions and Indian Banks' Association (IBA) which would put the entire financial system in jeopardy.
IBA had earlier proposed an average 17.5 per cent hike to banking employees, but later pruned it to be 13 per cent.
Official sources said IBA now more or less seems to have agreed on a 17.5 per cent wage hike.
Reports from the financial capital Mumbai said banking operations in public sector banks in the metropolis were affected with almost all branches wearing a deserted look.
The Reserve Bank said that only 70,000 cheques came up for clearing Thursday as against the normal 6-lakh cheques daily.
"Daily around 6-lakh cheques come up for clearing but today because of the strike, only 70,000 came up for clearing," a Reserve Bank of India spokesperson told PTI.
Besides wage hike, unions are also pressing for second chance to opt for pension to those employees who had earlier opted for provident fund.
Official sources said if the second pension option is given to employees, banks would require to shell out Rs 6,000 crore more to the safety net of their employees.
IBA is asking employees to contribute around Rs 2,000 for this, while unions are agreeing for Rs 1,800 crore.
IBA also wants employees to contribute one-third to their pension, while banks are ready to chip in with two-third of the funds required in future as well.
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