India: Banking unions call for nationwide strike August 22

Event

The United Forum of Banking Unions (UFBU) - an umbrella body for trade unions in the Indian banking sector - and the All India Bank Employees' Association (AIBEA) announced a nationwide banking strike in India starting Tuesday, August 22. The UFBU called the strike following the failure of negotiations with the Indian Banks' Association (IBA) on Friday, August 18 in New Delhi, aimed at halting reforms including bank privatization and the consolidation of public sector banks, among other measures. Around 1,000,000 bankers in roughly 132,000 branches throughout the country are expected to be on strike on August 22. Widespread disruptions to banking services are to be anticipated, including over-the-counter and ATM transactions, especially in urban areas.

Context

The August 22 strike has been organized to protest against the proposed privatization and merger of public sector banks in the country. A meeting to reconcile banking union demands with IBA and Indian central government reforms took place in Mumbai on Wednesday, August 16, to no avail.

AIBEA is made up of nine trade unions representing around 1 million employees from both public and private sector banks.

Advice

Individuals in India are advised to carry out necessary banking operations ahead of the strike, to make sure they have sufficient amounts of cash, and to avoid protests as a precaution.