The United Forum of Bank Unions (UFBU) on 9 February 2014 declared a two day all India strike of banks. The strike is being carried out to protest against proposed banking reforms and in support of their demand for an immediate revision in wages. The strike commenced on 10 February 2014 and will end on 12 February 2014.
The employee’s union demanded an increase of nearly 30 percent of their wages but the Indian Banks’ Association (IBA) offered them an increase of 10 percent. Several rounds of discussions failed to reach to any consensus so far. Banking reforms being opposed by the UFBU are
• Privatization of banks
• Mergers of banks
• Issuing new bank licenses to corporate houses
• Rising non-performing assets and related aspects
The strike of UFBU has been joined by 27 public sector banks, 8 foreign banks, 48 regional rural banks across India and 18 private banks. UBFU claimed that over a million employees in all these banks, barring the co-operative sector banks, are taking part with around 90000 bank branches to remain shut for two days.