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Bank employees to strike on 25th January

Banking services across India will be affected on 25th January 2008, due to one-day strike called by United Forum of Bank Unions (UFBU) comprising bank officers and employees in India. The unions, representing about 900,000 employees, also plan to go on a two-day strike from Feb 25 if their demands are not met.

The strike would affect all state-run, private sector and Indian operations of foreign banks, but co-operative and regional rural banks are exempted.

The unions are opposed to mergers among public sector banks including associate banks, outsourcing and contractual employment, besides other issues. They have also sought one more opportunity to opt for pension schemes for those who did not opt earlier, besides compassionate recruitment.

In view of the strike, India's National Stock Exchange and the Bombay Stock Exchange have declared a holiday for clearing and settlement in both the cash and derivatives segments, although trading will continue as usual.

Strike will impact equities, call money, forex and treasury operations, apart from halting the clearing operations of 16,000 bank branches across the country.

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