Mumbai: A two-day nation-wide bank strike is going to kick off at 6 AM on 30 May (Wednesday) may trigger country-wide cash crunch, stated C H Venkatachalam, General Secretary, All India Bank Employees Association (AIBEA) as the reports of First post.

"People will start withdrawing money, creating a panic situation and many ATMs could go dry,"  Venkatachalam quoted as saying by First post.

There is around 2.20 lakh ATMs in the country and some are outsourced. Though there may be cash in the ATMs, customers tend to fright in the event of strike and take out large sums of money.

Transactions and Banking operations such as, intra-government transactions, transaction clearances, import bills, will be impacted over the 48-hour period of Strike.

Worth mentioning here around one million bank employees will go on strike from tomorrow and The two-day nation-wide strike will end on Friday, 1 June at 6 AM.

 However those who bank with ICICI Bank, HDFC Bank, Axis Bank, YES Bank and IndusInd Bank will not be affected by the strike because these five banks have no trade unions and hence won't take part in the two-day strike called by around nine bank unions.

In addition foreign bank employees will also take part in the nation-wide strike as they are members of these unions, but not their bank officers, informed Venkatachalam.

State Bank of India (SBI) noted that the Indian Banks Association (IBA) has communicated to the bank that the United Forum of Bank Unions (UFBA) has served a notice to  call a nationwide bank strike on 30-31 May, 2018.

Notably The United Forum of Bank Union (UFBU) is an umbrella body of various bank unions like the All India Bank Employees Association (AIBEA), All India Bank Officers’ Confederation (AIBOC),  National Confederation of Bank Employees (NCBE),  All India Bank Officers' Association (AIBOA), Bank Employees Federation of India (BEFI), Indian National Bank Employees' Federation (INBEF),  Indian National Bank Officers' Congress (INBOC), National Organisation of Bank Workers (NOBW) and National Organisation of Bank Officers (NOBO).