All India bank strike on July 7

PUDUCHERRY: All the banks under the United Forum of Banking Unions (UFBU) here will take part in a nation-wide strike declared by the UFBU on July 7.  Banking operations across the country are likely to be affected as over 10 lakh employees of public and private sector banks, foreign banks, regional rural and cooperative banks are expected to participate in the stir.The employees are agitating against privatisation of public sector banks, mergers, reduction of government equity in public sector banks and a ban on outsourcing of operations.The stir was fuelled by the government’s move to issue fresh licence for corporate houses and non-banking financial companies to start new generation banks as well as a bid to privatise nationalised banks. Addressing a press meet here, UFBU convener C H Venkatachalam said that the move to privatise banks would destroy the country’s financial system and render it vulnerable to global economic downturns. The unions also opposed the amendments to the Banking Regulation Act with regard to voting rights of foreign investors and the outsourcing of banking jobs. They also wanted the Banking Services Recruitment Board (BSRB) to be reintroduced, a ban on recruitment of staff to be rolled back and a revision in the pension for staff.