United Forum of Bank Unions (UFBU) convener, Mr. C. H. Vekatachalam has reported that around 10 lakh bank employees and officers who are working in the public sector banks, old private banks, cooperative banks and regional rural banks are on strike.

Due to this strike, the banking operations have been affected across the country. The employees are protesting against the banking sector reforms. UFBU is an umbrella organization consisting of five worker unions and four officer unions of public sector and private sector banks in the country and thus this strike could lead to delay in the banking operations.

He added that reason which lead to the strike by the employees was the outsourcing of bank jobs and attempts to impose the “anti-employee” recommendations of Khandelwal Committee. Moreover, there were pending issues related with pension and regulated working hours for the officers.

He also reported that in the name of banking sector reforms that Government is trying to reduce their share of equity capital in the public sector banks and increasing the hold of private capital in these banks.

Harvinder Singh of the All India Bank Officers' Confederation said:"We find that the government's equity capital in public sector banks is being diluted and reduced and consequently the private capital in our public sector banks is increasing."