Indian banking operation badly affected by strike over gov't policy

Banking operations in India were badly affected Friday as around one million bank employees of 40 private and public banks staged a one-day strike to protest against the policy for banking sector of the government under Prime Minister Narendra Modi.

The Indo-Asian News Service said unions in the banking sector had given the strike call to protest the mergers in the sector and infusion of private capital in government banks.

The strike involved around one million employees and officers of public sector banks, old generation private banks and foreign banks totalling more than 80,000 branches, the report quoted union leaders as saying.

The banking employees are opposed to government policy of inadequate infusion of capital in public sector banks, which will result in reduction of government's equity capital and create compulsion for higher extent of private capital leading to privatization of banks.

(APD)