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Bank strike today

Special Correspondent

NEW DELHI: Banking services are likely to be hit on Friday because of a nationwide strike called by the United Forum of Bank Unions (UFBU), an umbrella organisation of nine unions, to oppose outsourcing, privatisation and the proposed increase in voting rights of foreign investors in private banks.

The strike was announced after a conciliation meeting held on October 18 by the Chief Labour Commissioner with the unions and the Indian Banks' Association (IBA) did not yield any result. Another round of talks held on Thursday also failed.

The UFBU blamed the casual approach of the Government and the IBA for the failure of the meeting, during which it demanded fresh recruitments, restoration of compassionate appointments and one more option to join the pension scheme.

"If the Government and the IBA continue to adopt their ostrich-like policy and do not come forward to resolve the issues by meaningful discussions, the agitation will be further intensified," UFBU general secretary C.H. Venkatachalam said.

Public sector banks are also likely to be hit.

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