AIBEA Announces Bank Strike on Nov 19, Banking & ATM Services Likely to be Affected

The General Secretary of the All-India Bank Employees Association (AIBEA) gave notice of strike to the Indian Banks' Association on Monday, informing them that their members plan to go on strike on November 19, 2022, in support of their demands.

Even while the Bank is taking the necessary precautions to ensure that its branches and offices run without a problem on strike days, the lender warned that if the strike takes place this time then branch and office operations might be negatively impacted.

It is important to mention here that the strike is on the third Saturday of November, which is generally a working day. Banks are usually closed on the second and fourth Saturdays.

Currency in circulation declined during Diwali for the first time in 20 years: SBI Report

The currency in circulation dropped during Diwali week for the first time in twenty years. Technology advancements have altered the Indian payment system, according to SBI Research's research report Ecowrap. According to the report, the rise in digital transactions is the reason for this.

A lower currency in circulation is also equivalent to a CRR cut for the banking system, as it results in less deposit leakage and will impact monetary transmission positions.

The report stated, "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 changed to a smart-phone lead payment economy."

According to the report, the Indian economy is going through structural changes.