Stock advisory Company >> Bank unions on all-India strike today against consolidation plans

Services at public sector banks are expected to be hit on Tuesday with employee unions going on a nationwide strike.

The employees are protesting against the proposed consolidation of public sector banks, inadequate capital support for banks and loan defaults by large borrowers. The strike has been called by the United Forum of Bank Unions (UFBU), an umbrella body of nine unions including the All Indian Bank Officers Confederation and All India Bank Employees’ Association (AIBEA).

C.H. Venkatachalam, the general secretary of AIBEA, said in a statement on Monday that nearly 1 million bank employees across all 21 public sector banks will go on strike.

The strike is likely to impact State Bank of India as two of its unions have decided to participate, the bank had informed exchanges on Saturday.

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