Over a million bank employees in India to go on nation-wide strike

Over a million bank employees in India will go on a one-day nation-wide strike on Aug. 22.

The All India Bank Employees Association (AIBEA), which represents nine bank unions, has called the strike to protest against privatization and merger of public sector banks, its general secretary C.H. Venkatachalam said in a statement late Monday evening.

"Nearly a million employees would participate in the strike to protest plans to privatize public sector banks, merger and consolidation of banks and other demands including not to write-off non-performing assets (NPAs) in banks," the statement said.

The Indian government had earlier this year announced that at least five state-run banks are to merge with the country's largest public sector bank -- the State Bank of India -- to create a super-bank with 550 billion U.S. dollars of assets and 500 million customers.

The government expects the merger to create 200 million U.S. dollars in cost savings.

Public sector bank employee unions in India often call strikes to protest against government policies and for pay hikes.

(ASIA PACIFIC DAILY)