Banking services are likely to be hampered on October 22nd, 2019 due to an all-India bank strike called by two large bank unions.
All India Bank Employees Association (AIBEA), the largest bank union, and Bank Employees Federation of India (BEFI) have called the strike to oppose the mega-merger of ten state-run banks into four.
The protest will be against the merger of Punjab National Bank (PNB) with the United Bank of India and Oriental Bank of Commerce, Syndicate Bank with Canara Bank; Allahabad Bank with Indian Bank, and Andhra Bank with Corporation Bank and Union Bank of India.
While it is expected that the operation of the banks will be impacted due to the strike, the State Bank of India said that the impact would be minimal on its branches as most of its employees are not members of the unions.
In August, the government announced mega-merger plans for state-run banks in a bid to strengthen the country’s financial sector. The mega-merger would bring down the number of public sector banks(PSBs) to 12 from 27.