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Bank Strike

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#1 by sonyjmn » Mon Sep 16, 2019 09:20

This information is for Indian members

Bank strike announced on 26th & 27th September

28th September is 4th Saturday bank holiday

29th is sunday holiday

30th is half yearly closing of accounts

October 2nd is Gandhi Jayanthi holiday again

so please do plan your withdrawals in advance

later don't post in forum why i'm not getting funds on time


These dates are bank holidays
Last edited by sonyjmn » Mon Sep 16, 2019 10:07 » edited 1 time in total
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#2 by mukande » Mon Sep 16, 2019 11:10

Why is there a bank strike there..just curious
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#3 by sonyjmn » Mon Sep 16, 2019 17:35

due to merger of banks in our country

The government on August 30 announced its mega consolidation plan to bring the down the total number of PSBs to 12 from 19 in 2017 in a bid to make them global-sized banks

some of the nationalised banks are been merged to one bank, earlier many banks were operational separately now the merger

As per the plan, United Bank of India and Oriental Bank of Commerce are to be merged with Punjab National Bank, making the proposed entity the second largest public sector bank (PSB).

Syndicate Bank is to be merged with Canara Bank, while Allahabad Bank will be merged with Indian Bank. Andhra Bank and Corporation Bank will amalgamate with the Union Bank of India.

Earlier this year, Bank of Baroda merged Vijaya Bank and Dena Bank with itself to become the second largest public sector lender.

SBI had merged five of its associate banks - State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore and State Bank of Hyderabad and also Bhartiya Mahila effective April 2017.

many customers will get effected by this decision

mostly bank employees will get effected
Last edited by sonyjmn » Mon Sep 16, 2019 18:22 » edited 1 time in total
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#4 by Darkstar2 » Mon Sep 16, 2019 18:22

sonyjmn wrote:

many customers will get effected by this decision

We live in the age of acquisitions and mergers - sadly, there is always a price to pay, and often it is the customers/consumers who suffer.
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#5 by sonyjmn » Mon Sep 16, 2019 18:24

very true Darkstar

but this is a very big move for economy

The finance minister has taken this decision to merge banks
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#6 by jjohnson777 » Mon Sep 16, 2019 18:42

My state has few hundred state chartered banks as their at least one in each county and their hundreds of counties in the state. The bigger ones have multiple state chartered banks. And this is after a round of closures since 2008 recession. India in one extreme and USA is the other. I see pluses and minuses to both. I like choice and can see how that great but we do not need this much choice. I imagine the fees if we only had a dozen different bank brands in USA.
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#7 by Darkstar2 » Mon Sep 16, 2019 19:04

jjohnson777 wrote: My state has few hundred state chartered banks as their at least one in each county and their hundreds of counties in the state. The bigger ones have multiple state chartered banks. And this is after a round of closures since 2008 recession. India in one extreme and USA is the other. I see pluses and minuses to both. I like choice and can see how that great but we do not need this much choice. I imagine the fees if we only had a dozen different bank brands in USA.

This is the thing, let's say you are a customer of a bank, and you get a good deal that you would not get at another bank, let's call it bank A. Let's say Bank A and Bank B merge, bank A being the one that acquires Bank B. As a customer of Bank B, would you continue to get your unique deal ? Or would you fallback to Bank A's policies. It's not uncommon for customers to lose out big time after acquisitions, there are mostly negative stories surrounding acquisitions, the majority of the time it is a good deal for the business, NOT for the consumer or customer. As to mergers, they must compromise somewhere, they cannot keep and manage different policies. In good faith they could gandfather existing customers based on their service, fees, etc, but it is not always the case, and what about new customers ? Besides banks make ridiculous profits anyways, by gauging us with unreasonable fees, on top of the money they already make with our money and pay us such low interests, it's all corporate greed.

Some banks in Canada are pure RIP-OFF! There used to be a time when you were rewarded to having a big balance, where the bank would waive fees if you hold a minimum balance for 30 days. Not anymore, more and more banks have removed this perk, now everyone pays a bloody fee, whether you have $1 or $1 million, whether you make transactions or bloody not, and these same banks make billions of PROFITS y2y !!!
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#8 by suraraj » Tue Sep 24, 2019 21:36

The bank strike in India has been postponed. So no issues.
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