Mumbai The two-day bank strike may not have had a major impact on Non-Resident Indians but it certainly took a hit on the personal level as money transfer services were stalled for the last two days.
The biggest fall-out was on those who had obligations to make payments on property purchases, medical treatment for their loved ones, educational fees for children and other such emergency expenses. Families depending on their sons or husbands working abroad to send home money regularly could not also access their accounts. And NRIs living abroad and in need of money were also unable to repatriate funds lying in their Indian banks.
Another serious setback of the bank strike was NRIs’ inability to invest in the stock markets as they could not convert their funds. There were delays in purchasing mutual fund units as the units are credited to one’s account only on the day the cheque is cleared. The delay can cause financial loss as the value of the units fluctuates with the stock market movements.
For many businessmen with offices in India, the bank strike could have caused delay in clearing, thus affecting the flow of funds.
NRIs hit by bank strike
gulfnews.com
Mumbai The two-day bank strike may not have had a major impact on Non-Resident Indians but it certainly took a hit on the personal level as money transfer services were stalled for the last two days. The biggest fall-out was on those who had ...
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