Banking operations across India were affected yesterday as around 1mn employees went on a strike to protest against proposed financial reforms in the banking industry.
The strike was called by the United Forum of Bank Unions, an umbrella organisation representing nine unions of bank employees.
Employees from 32 government and small private banks as well as 56 regional and rural banks joined the strike.
Top private banks were not affected.
The forum has been opposing government proposals to consolidate public sector banks through mergers.
It accuses the government of denying adequate capital to the banks, which it says is creating the conditions for privatisation.
There is also criticism of the government for being soft on loan defaults by large borrowers.
“Banks are cutting saving deposit rates and raising service charges which hurt customers, all because of the pile of bad loans,” C H Venkatachalam, general secretary of All India Bank Employees Association said in Chennai.
“There should not be any leniency for this private corporate loot; banks will be killed if bad loans are not recovered,” he said.
Bank employees shout slogans during a protest rally in Mumbai yesterday.
