Employees at Indian state-owned banks begin strike

22 August 2012

One million professionals in the Indian banking industry have gone on strike for two days.

Starting today (22 August), the industrial action has been taken by employees of state-owned lenders in the Asian nation as a protest against the proposed reforms to rules in the financial sector.

Under the terms of these potential changes, additional capital would be allowed into the banking sector while mergers between companies would also be made significantly easier.

Vishwas Utagi, secretary of the All India Bank Employees' Association, told Reuters the strike will be a "total success".

"We are not against reform, but these are reforms against the public sector banks ... we will protest on the streets," he added.

DH Pai Panandiker, head of the RPG Foundation's New Delhi think tank, went on to say that the industrial action has been borne out of fear from professionals that their jobs could come under threat if the government presses ahead with these reforms.

By Tony Aynsley

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