The long delay in the settlement issues including wage revismerger and consolidation in the banking was more than enough to agitate the employees of public sector banks. That’s why on Wednesday, over nine lakh employees of public sector banks went on a two day nationwide strike. The major private sector banks however remained open and continued with their regular work.

United Forum Bank Unions, which called the strike, also criticized and protested against the privatization policy of the Govt. This act on the part of the employees, had adverse affects on the banking transactions across the country. Other than this stock exchanges’ work was also affected.
 
C.H. Venkatachalam of the All India Bank Employees Association informed, “The strike is complete across the country. It is a great success even in the interior parts of Tripura, Pondicherry and smaller States like Goa. The strike had paralyzed banking transactions, causing inconvenience to the public. But services in the foreign banks were not affected.”

Another option for the pension scheme, termination of jobs, outsourcing in the banking industry and immediate appointments in the class IV cadre, are included in the demands of the union. 

The strike by the bank employees received the support of the Communist Party of India (Marxist), but the Polit Bureau expressed its concerns that such strikes can prove to be disastrous for India, when global financial crisis are going on everywhere.