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Bank strike: Karnataka SMEs suffer Rs.1000 cr loss

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CIOL Bureau
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BANGALORE, INDIA: Several business transactions have taken a toll as the strike went into effect on Wednesday, causing huge delays in clearing of cheques.

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Many reports have carried that Karnataka, Bengal and the northeast have been hit the hardest by the financial chaos. Banks such as HDFC have taken on the additional load of clearing cheques, while several foreign exchange deals have gotten into trouble because of the strike. We spoke to a few Indian IT corporations to find out how their business is being affected by the strike.

Did your business suffer financial losses due to the strike?

B P Shashidar, Vice President of KASSIA, said: “it is not looking favorable for small scale industries in Karnataka at the moment, there has been a huge disturbance due to the strike. More than Rs.1000 crores of financial loss has happened to small companies in Karnataka.”

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He also mentioned that banks should take responsibility for this financial loss, and hopefully banking services will resume as normal by tomorrow.

But there are some companies which foresaw trouble and prepared for bad days. Ananth Koppar, Chairman, K2 Technologies, said: "Many of the major financial transactions are done in the first week of the month, so there was not any grave impact. We also knew about the strike 2-3 days in advance, so we made prior arrangements to make sure all our transactions went through."

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