Bank strike alert! All Indian banks to remain closed on this day; complete important tasks now

Two unions, All India Bank Employees Association (AIBEA) and Bank Employees Federation of India (BEFI) have called an all-India bank strike on October 22 in protest against the mergers of 10 public sector banks. The unions are calling this strike to oppose the mega merger of 10 state-run banks into four banks.

It is against the merger of banks such as Punjab National Bank (PNB) with 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.

The Oriental Bank of Commerce, Bank of Maharashtra, Syndicate Bank and Bank of Baroda have come out saying that their operations may be impacted due to this proposed strike, according to regulatory filings. However, largest PSU bank of the country, State Bank of India (SBI) has said the strike will have a minimum impact on its branches as most of its employees are not part of these unions.

Bank of Baroda, in a regulatory filing earlier this week said that the functioning of its branches/offices may be 'affected/paralyzed' due to this proposed strike on October 22.

Both the unions in their joint statement have stated that the strike is being called to oppose bank mergers and banking reforms, high penal, service charges for customers, recovery of bad loans, stringent action on defaulters charges and job security.

Earlier in August, the central government announced mega merger plans for state-run banks in a bid to strengthen the country's financial sector, a move will bring down the total number of public sector banks (PSBs) to 12 from 27 in the country.