Banking

November 19 Will Be A Bank Strike, Currency Circulation Down For First Time

Banking services across the nation are going to be affected on November 19, as the All India Bank Employees Association (AIBEA) has announced a nationwide strike on this day.

November 19 Will Be A Bank Strike

November 19 Going To Be A Bank Strike

During a regulatory Filing, the Bank of Baroda informed, “General Secretary of All India Bank Employees Association (AIBEA) has served notice of strike to Indian Banks’ Association informing that their members propose to go on strike on 19.11.2022 in support of their demands.”

“Though the Bank is taking necessary steps for smooth functioning of Bank’s Branches and Offices on the days of strike, in the event the strike materialises, the functioning of the branches and offices may be affected,” said the lender.

Though all the banks open on 1st and 3rd Saturdays of every month.

Currency Circulation is down for the first time in 20 years during Diwali week. The digital payment modes have completely reshaped the Indian Payment System, asserted the SBI Research report.

They informed, “In a remarkable development, for the first time in 20 years, currency in circulation declined during the Diwali week. Innovations in technology have changed the Indian payment system. Over the years, the Indian cash lead economy has now changed to the smart-phone lead payment economy. A lower currency in circulation also is akin to a CRR cut for the banking system, as it results in less leakage of deposits and it will impact monetary transmission positively!”

Also read:

7th Pay Commission: 18-Months DA Arrears for the Govt. Employees Soon

Rishabh Sharma

Rishabh is an experienced content writer and editor, he is working for Viralbake to cover a diversified range of categories. His articles mainly focus on providing information, being a travel guide, educating others, and also making people aware of technology, after all, he is a technophile. When not writing he can be found gaming, watching movies, and travelling.

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