Banks Strike Work To Protest Against Outsourcing

Over 500,000 bank employees are on a daylong nationwide strike to protest against the Reserve Bank of India's directive to outsource some services like clearing operations and also to seek better pension options.

Only the employees of the State bank of India, its subsidiaries, the Bank of Baroda, and the Indian Overseas Bank are not participating in the strike to protest the Reserve Bank's circular on outsourcing of some banking services, including clearing operations.

The staff is also demanding that the freeze on recruitment for around three decades be lifted to fill an estimated 100,000 vacancies, and the employees be given an alternate pension option, said the union members.

Meanwhile, Finance Minister P Chidambaram said in the Lok Sabha that a proposal being examined relates to consolidation of 1030 clearing houses under an umbrella organization and initiative to this effect is being taken by Indian Banks' Association.