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India bank staff in strike action | India bank staff in strike action |
(about 13 hours later) | |
Nearly a million bank workers in India have held one-day strike in protest at what unions say is government pressure to reform which will lead to job cuts. | |
The unions oppose outsourcing and a proposal to merge 27 state-run banks to compete in the global economy. | |
Unions said the strike had affected bank transactions across India, but many private sector banks operated normally, as did ATM services. | |
Unions say there is no need for the Indian banking industry to globalise. | Unions say there is no need for the Indian banking industry to globalise. |
Jobs 'vacant' | |
Unions said operations at 27 public sector banks - including the largest state-run bank, the State Bank of India - had been affected. | |
Union members and employees at 18 foreign sector banks had also joined in the strike, union officials said. | |
Services came to a virtual standstill in the state of Tamil Nadu and the strike was almost total in West Bengal, unions said. | |
Private sector banks, however, were less affected with many operating normally because fewer staff were union members, Reuters news agency reported. | |
And across the country ATM services continued to be provided, allowing people to withdraw cash. | |
"This time every bank is striking," CH Venkatachalam, general secretary of All India Bank Employees' Association told Reuters. | |
"Lots of jobs are lying vacant, they should be filled up and the banks' work should not be outsourced if you have clients' interest in mind." | "Lots of jobs are lying vacant, they should be filled up and the banks' work should not be outsourced if you have clients' interest in mind." |
The unions are also opposed to a government proposal to bring down its stake in state-run banks from the present 51% to 33%. | The unions are also opposed to a government proposal to bring down its stake in state-run banks from the present 51% to 33%. |
India's booming economy has helped raise demand for banking services. | India's booming economy has helped raise demand for banking services. |
India has about 88 state, private and foreign banks, and more than 100,000 urban and rural co-operative banks. | |
State banks handle the vast bulk of business transactions - cheques which were not deposited or cleared on Friday will be processed next week. |