The central bank in a statement said normal banking transactions would be undertaken in these banks, and they observe business and working hours as applicable to week days instead of half days.

Meanwhile, nearly 13 lakh bank officers and employees on Friday struck work for the second day for wage revision, crippling banking services all over India. The All India Bank Employees' Association and the All India Bank Officers' Association felt that finance minister Yashwant Sinha should intervene and not allow the situation to drift further.

The strike crippled trading activity for the second consecutive day at the interbank foreign exchange (forex) market. Most of the key players like the SBI, other nationalised banks and some pivotal foreign banksstayed away from the market. Scattered rupee-dollar deals were done in a range of 42.65 and 42.75, a forex dealer of a private bank said.

Industry chambers, however, flayed the bank strike. ``The recent bank strike call given by the employees of various unions of the banks is against the spirit of liberalisation and can adversely affect industry and trade, particularly the small scale sector, including exports,'' lamented Vijay G Kalantri, president, All India Association of Industries (AIAI).

``It does seem that the bank employees seem to select days preceding bank holidays to go on strike without taking into consideration either the economy of the country or inconveniencing the salaried class and daily wages employees. In March '99 alone, there are eight bank holidays, some of which are coupled with weekly holidays,'' he said.

AIAI further feels that frequent strikes called by bank staff and the spate of bank holidays can be termed as the main cause for economic slowdown. The already crippled economyof the country is getting further shattered by the direct adverse impact due to the continuous strikes brought about to the banking and other related institutions of the country, without visualising the difficulties business and industrial establishments have to face. ``This has brought us to such a situation, where we have no other alternative but to strongly protest against such continued and colossal loss to the economy,'' he stressed.

He said the banking services should be declared as ``essential services''. The problem lies between the management and the staff and while the government has agreed to a 10 per cent raise, the demand of 18 per cent raise by the bank staff would burden the government to the tune of Rs 1,140 crore.

AIAI further feels that most of India's corporate giants are based in Mumbai. The city is the hub of high value export sectors like gems and jewellery and apparel. Since timely delivery is indispensable in exports, prompt banking services are essential, the AIAI chiefemphasised.