Over 10 lakh bank employees and officers are expected to take part in the nationwide strike —called by the United Forum of Bank Union (UFBU) — on Monday and Tuesday.

The two-day strike by UFBU, an umbrella body for nine bank unions, is in protest against the Centre's decision to privatise two state-owned lenders and “retrograde” banking reforms. Government banks such as State Bank of India (SBI), Canara Bank and Bank of Maharashtra, have already informed their customers that their services are likely to be affected if the strike materialises. But SBI and Canara Bank have also said that they have made necessary arrangements to ensure the smooth functioning of their branches.

How many days will the strike last?

The United Forum of Bank Union (UFBU) has given a call for a two-day strike. However, since the banks remained shut on Saturday and Sunday as well, the total number of days the services get affected comes to four.

Why are they protesting?

Finance Minister Nirmala Sitharaman, in her 2021 Budget speech, said two state-owned lenders would be privatised as part of the government’s disinvestment plans. This comes two years after the government privatised IDBI Bank, selling its majority stake to LIC. Besides, the government, over the last four years, has also merged 14 public sector banks.

On March 4, 9 and 10, conciliation meetings with the additional chief labour commissioner did not yield any positive result, All India Bank Employees Association (AIBEA), general secretary C. H. Venkatachalam said in a statement.

How many employees and unions are on strike?

The UFBU has said that over 10 lakh bank employees and officers will participate in the two-day strike. Among the unions taking part in the strike are All India Bank Employees Association (AIBEA), All India Bank Officers' Confederation (AIBOC), National Confederation of Bank Employees (NCBE), All India Bank Officers' Association (AIBOA), and Bank Employees Confederation of India (BEFI), the Indian National Bank Employees Federation (INBEF), Indian National Bank Officers Congress (INBOC), National Organisation of Bank Workers (NOBW) and National Organisation of Bank Officers (NOBO).

What are the services that will be affected?

As a result of the strike, services such as deposits and withdrawals, cheque clearances and loan approvals are likely to be hit. “If the strike materialises, the normal functioning of the bank's branches/offices is likely to be affected. The bank is taking all necessary steps to minimize the impact of the strike so as to provide the normal banking services to its customers,” an official Bank of Maharashtra (BoM) release said.

However, the ATMs are expected to remain operational. Operations at private banks, such as HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank and IndusInd Bank, that account for about one-third of India's banking sector are expected to remain normal.