New Delhi, March 22
Banking services across the country were severely crippled today as over one million workers struck work protesting against mergers and acquisitions and allowing foreign direct investment (FDI) up to 74 per cent.
The United Forum of Bank Unions (UFBU) gave the one-day strike call.
Even though ATM transactions remained unaffected, the strike received positive response from some private sector banks. However, major banks such as Standard Chartered Bank and Citi Bank functioned normally.
Meanwhile, the strike by bank employees found echo in the Lok Sabha today with members of the Left parties demanding a statement from the government on the proposed consolidation exercise in the banking sector.
V. Radhakrishnan of CPM sought immediate intervention from the government on the matter and demanded that the government must reconsider its decisions regarding the merger of banks and also on the proposal to hike the FDI limit. Ajay Chakraborty of the CPI said that the proposed consolidation would violate the welfare principles.
Mumbai: The bank strike inconvenienced millions of customers, while affecting trading in bonds and the rupee. Income-tax payers were also affected. Employees at a few old private banks like Federal Bank Ltd. and Karnataka Bank Ltd too participated in the strike.
Bank employees said they were opposed to the government’s move to merge 27 public sector banks to achieve cost efficiencies. The bank employees say more than 22,000 bank branches would be closed following the mergers.
The unions have threatened to organize more strikes and agitations to intensify their protests. Today union members held demonstrations outside several banks.
