Operations at all the Indian public sector banks and regional rural banks are likely to be affected for two days from January 20 as the United Forum of Banks Unions (UFBU) has called for bank employees to go on strike.
UFBU national convener M V Murali said the Centre and the Indian Banks Association have failed to settle the 14-month overdue 32% wage revision for about 1m staff in the banking sector.
Go deeper with GlobalData
He also urged the government to immediately halt ongoing reforms in the banking sector as it would pave way for the arrival of a large number of foreign banks.
"The foreign and Indian private corporate sector banks would not serve the needs of the common man in any manner," Murali also said.
The last wage settlement for public sector bank employees expired in October 2012, according to the UFBU.
UFBU is an umbrella organisation of nine bank employees and officers unions. Banks including State Bank of India, with a nationwide network of branches and operations in 32 countries, have pledged their support for the strike.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData"All India State Bank Officers’ Federation and all India State Bank of India Staff Federation will also participate in the strike," SBI said in a statement.
There are 27 public sector banks in the country with about 800,000 employees. There are about 50,000 branches of these banks across the country.
C H Venkatachalam, general secretary All India Banks Employees Association (AIBEA) said further strikes will be expected in February and March 2014.
