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More than nine lakhs bank employees of India declared to go for a two-day nationwide strike from September 24, 2008. This decision was taken by the bank unions who are demanding the settlement of different issues including wage revision and removal of job outsourcing in the industry. The two-day strike will have adverse affect on the overall banking procedure of nearly 50,000 different branches of the country including clearing, cash handling and money market operation.
Earlier a meeting took place between United Forum of Bank Unions (UFBU) and Indian Banks Association regarding the settlement these various issues. But the meeting failed to resolve the matter causing the Bank Unions to declare the two- day nationwide strike. According to C H Venkatachalam, convenor of United Forum of Bank Unions, the decision for the strike was taken after the meeting with the chief labor commission failed.
Besides the above mentioned demands, the unions are also raising their voice against merger and consolidation in the banking sector. The unions are also demanding another option for pension scheme and immediate recruitments in the class IV cadre. The government's policy to go for privatization of the banking sector is also one of the issues of protest.
