Due to a day-long nationwide strike by central trade unions, banks are expected to be affected on Thursday. Except for the Bharatiya Mazdoor Sangh, 10 union labor unions have called a general strike on Thursday against various policies of the central government.
Several banks, including IDBI Bank and Bank of Maharashtra, told the stock markets on Wednesday that the strike may disrupt their offices and branches. All India Bank Employees Union (AIBEA), All India Bank Officers Association (AIBOA) and Indian Bank Employees Federation have also announced to join the strike.
AIBEA is an institution representing almost all bank employees except the employees of State Bank of India and Indian Overseas Bank. Employees of some foreign banks, including various government and private sector banks, are members of AIBEA.
The protests of bank employees are due to privatization of banks and outsourcing or contracting various jobs in the sector. Apart from this, the demand of bank employees is also to recruit sufficient number of employees for the sector and to take stern action against large corporate debt defaulters.