Monday, March 21 2005 17:32 Hrs (IST) - World Time -

New Delhi: Banking operations are likely to be hit tomorrow (Mar 22, 2005) as unions have called a nationwide strike to protest mergers of Public Sector Undertaking (PSU) banks and the proposed hike in Foreign Direct Investment (FDI) limit to 74 per cent in the sector.

"Employees under the banner of United Forum of Bank Unions (UFBU) have decided to go on countrywide strike tomorrow opposing Merger and Acquisitions (M&As) among Indian banks and proposed hike in foreign investment upto 74 per cent in private banks," UFBU convenor Shantha Raju said on the eve of the strike.

UFBU, an umbrella body comprising nine major bank unions representing officers and employees in the country, have also decided to take up the issue with United Progressive Alliance (UPA) chief Sonia Gandhi and all major political parties.

In August, the employees, under the banner of UFBU, went on a one-day strike demanding 15-20 per cent hike in salary, which paralysed the financial markets in the country and resulted in Rs 50,000 crore loss of business.

Raju claimed that as many as 10 lakh officers and workers would participate in the daylong strike.

An All India Bank Officers' Confederation official T N Goel said that employees of old generation private banks would also be participating in the strike while other private bank employees have expressed their solidarity with UFBU.