Nearly six lakh employees representing various public sector banks are expected to partake in a strike on December 20th called in protest against proposed amendment to the Banking laws.

The Banking Amendment Bill is being protested by the BJP-led Opposition as well as public sector banks' employees for the past couple of years, but the Congress-led UPA government is still trying to push through the controversial amendment to the Banking laws.

The Government and many economists claim that the amendment will enable the creation of new bank licences, provide shareholders with more voting rights, and also help public sector banks raise capital; but unions like Bank Employees Federation of India (BEFI) and All India Bank Employees Association (AIBEA) argue that it will reduce the interest of state-owned banks.

AIBEA general secretary C H Venkatachalam said that the ruling Congress was in a hurry to amend the banking laws. Speaking on the topic, Venkatachalam added, "All these are unwarranted measures. Government also wants to issue licences to corporate and business houses to start their own Banks."

Bank Employees' Federation (BEF) has asked the government to refer the Banking Amendment Bill to the standing committee on finance.

The Unions say the proposed banking reform measures are retrograde in nature.