All India Bank Strike Postponed On 27th March 2020

All India Bank Strike Postponed On 27th March 2020

The All India bank strike on 27th March 2020 called by AIBEA & AIBOA to oppose the merger of 10 banks & proposed privatisation of IDBI Bank now postponed due to Corona Virus Pandemic.

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C H Venkatachalam, General Secretary , AIBEA, has said that the proposed strike has been postponed as they are looking to the increasing health risk and alert on account of COVID-19 and taking cognisance of Prime Minister’s broadcast to the nation on this issue, and the need to stand with the people at large at this hour of national health threat scenario and the panic and fear prevailing amongst the people, it was felt desirable to review our strike call, so hence, it has been decided to defer our proposed strike.

From SMS alerts to email & social media campaigns, public and private sector banks are urging their customers to refrain from visiting their branches to avoid the spread of the virus, and to use mobile and internet banking services to reduce currency transactions. Banks have built contingency plans to ensure that critical IT units for the delivery of digital banking, treasury services and cheque clearing continue even if the coronavirus shutdown intensifies.

The Reserve Bank of India (RBI) will put liquidity of Rs 30,000 Crores through open market operations next week to maintain financial stability in the system in the wake of the coronavirus outbreak. The RBI has decided to conduct purchase of government securities under open market operations (OMOs) for an aggregate amount of Rs 30,000 Crores in two tranches of Rs 15,000 crore each in March, the central bank said in a statement.

Bank of Baroda said it will not levy any charges on digital transactions for the next 3 months in the wake of the coronavirus pandemic. Bank of Baroda announces zero charges on digital transactions for 3 months, to provide enhanced and uninterrupted banking experience to its customers.

Asian Development Bank has decided to hold its 53rd annual meeting in two stages in view of the coronavirus pandemic. The first stage will comprise a reduced-scale meeting of the Board of Governors, predominantly through their appointed representatives, in Manila on 22 May 2020.

ICICI Lombard has launched a focused policy for COVID-19, which will pay the entire sum insured irrespective of hospitalisation expenses. If a policyholder tests positive for COVID-19 at any of the Government-authorised centres, the company will pay out the entire sum insured, in a lump sum in the event of a first diagnosis of COVID- 19 during the policy period, subject to an initial waiting period of 14 days, the Co said in a regulatory filing.  The economic and labour crisis created by the coronavirus pandemic could result in the loss of 25 million jobs across the globe, according to a recent report published by the United Nations.

The Kerala government has announced a Rs 20,000 Crores financial package for the state to tide over the present  crisis being faced by the southern state in the wake of the Coronavirus (COVID-19) outbreak. This includes Rs 14,000 crore to clear all arrears pending in various sectors and a Rs 500-crore health package.

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