Bank strikes and holidays distrupt the Indian markets

The one-day strike was called by the officers of the State Bank of India and its associates across the country on 18th August 2008 to protest the merger of State Bank of Saurashtra. Around 80,000 officers spread across 15,000 branches participated in the strike.

This strike is now followed with bank strike on August 20 called by the three bank unions All India Bank Officers Association (AIBOA), All India Bank Employees Association (AIBEA) and the Bank Employees Federation of India (BEFI) to protest future mergers of public sector banks, besides the specific SBI-related issue.

Apart from about five lakh employees and officers belonging to public sector banks, employees of regional rural and cooperative banks would take part in the strike. About 5,000 class III employees of the RBI would also participate in the strike

Though, SBI unions are not participating in strike on August 20, but clearing operation, cash handling, forex and money market operations are likely to be affected across the country

Bank unions have planned strike dates in a manner that it creates the maximum market distruption and inconvenience to customers. After a long weekend, there was bank holiday on 19th August in some parts of the country.

Results of Banks in India-First Quarter ended June 2008

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