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RETAIL BANKING | Tony Chua, India
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India’s public sector banks take steps on strike

Bank unions gave a strike call against India’s move to dilute its equity in banks and give foreign investors additional voting rights.

With bank employees set to strike work on July 7 in protest against the government's decision to dilute its equity in banks, PSU lenders on Wednesday said they are taking steps so that their operations are not hampered. Dena Bank told BSE that measures are being taken for smooth functioning of its branches on July 7.

"The bank is taking all necessary steps in terms of the existing guidelines for smooth functioning of bank's branches and offices to deal with the strike," it said. Union Bank said it was assessing the situation, while Punjab & Sind Bank said the strike, if any, would have minimal impact on its operations. Other banks are also said to be contemplating steps to deal with the strike.

The United Forum of Bank Unions (UFBU), an umbrella body of unions of all hues, has given the strike call against the government's decision to dilute its equity in the banks and give foreign investors additional voting rights.

An estimated 10 lakh (1,000,000) employees across the banking system may participate in the one-day strike, the All-India Bank Employees Association (AIBEA) had said. AIBEA Secretary Vishwas Utangi last week had claimed that employees from foreign and private banks have also agreed to participate in the strike. 

View the full story in Business Standard.

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