Bank unions at it again, call for strike on July 7

"We are against any such activities being carried out under the garb of banking reforms. Over 10 lakh employees across the banking system will be going on a single-day strike," All India Bank Employees Association (AIBEA) secretary Vishwas Utagi said today.

The association is a part of the United Forum of Bank Unions (UFBU), an umbrella body of unions of all hues, which has given the strike call.

Utagi claimed that employees from foreign and private banks have also agreed to participate in the strike. The strike notice has already been to served to the Indian Banks Association as well as the Labour Commissioner.

The government intends to increase the voting rights for foreign entities beyond the present 10 per cent through an amendment to the Banking Regulation Act.

"This is not acceptable to the federations," Utagi said, adding the strike is also to oppose the government decision to limit its stake in public sector banks at 51 per cent, which Utagi termed is tantamount to privatisation.

The UFBU, which is against consolidation of the SBI Group by merging the five associate banks with SBI, will also resist any effort of consolidation among the state-run banks, Utagi said.