Nation-wide bank strike on Wednesday

Banking operations are likely to be hit on Wednesday, as public sector bank employees will go on a one-day nation-wide strike to protest the proposed merger of the State Bank of Indore with its parent SBI.

Banking operations are likely to be hit on Wednesday, as public sector bank employees will go on a one-day nation-wide strike to protest the proposed merger of the State Bank of Indore with its parent SBI.

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"About 4 lakh bank employees under the banner of All India Bank Employees' Association (AIBEA) and All India Bank Officers Association (AIBOA) would observe strike as the conciliation meeting with the management failed," AIBEA General Secretary C H Venkatachalam told PTI.

During the conciliatory meeting held today, unions offered to defer the strike if the SBI management agreed to stop further action on the merger of State Bank of Indore and continued with the talks, he said, adding, "the management did not agree hence strike stands."

The conciliatory meeting with the Indian Banks' Association and the management of SBI and the State Bank of Indore was held before the Deputy Chief Labour Commissioner here.

Among other demands Venkatachalam said, there should be no consolidation in the public sector banks in the name of creating global size bank.

Federal Bank in a filing on the Bombay Stock Exchange said it is likely that the normal functioning of branches may get affected.