TODAY ALL the public sector bank workers in India have decided to go on a joint strike. Banking transactions are at a standstill as more than one million bank workers have decided not to work on Friday if their demands are not met. They are demanding to preserve the ‘economic sovereignty of the nation.’ To make matters clearer they do not want public sector banks to be privatised or government equity in banks to be reduced.

The United Forum of Bank Unions is organising the strike and they are confident that one million employees from 70,000 banks, 26 public sector banks including Bank Of India would be participating in this nationwide strike. Vishwas Utagi, the secretary of the United Forum of Bank Unions, quite confident of the outcome of the strike was quoted as saying, “"It is a nationwide strike. All branches have been closed down. The strike will affect every segment of the banking industry.

The other side of the coin is that there are many banks who are not involved in this and many banking transactions will be carried out unhindered. The banks who are not involved in this nationwide strike are ICICI Bank , HDFC Bank , YES Bank and Kotak Mahindra Bank. Some people are also of the view that the maximum that can happen due to the strike is that the banking transactions get transferred from Friday to Saturday.

To quote an analyst, “There are some issues but broadly it doesn't destabilise the system." Harvinder Singh of the All India Bank Officers' Confederation, which is protesting, said, “We find that the government's equity capital in public sector banks is being diluted and reduced and consequently the private capital in our public sector banks is increasing.”

Many places have seen people marching on the roads with banners protesting and standing in support for the strike. People in Maharashtra were seen brandishing red banners, congregated in a large protest rally at Azad Maidan.