THIRUVANANTHAPURAM: Banking operations in the country are likely to be affected on July 7 with over 10 lakh employees of public and private sector banks declaring a strike on that day.The strike has been called in protest against the government’s move to issue fresh licence for corporate houses and non-banking financial companies to start new generation banks as well as moves to privatise nationalised banks.State convener of United Forum of Bank Unions (UFBU) CD Josson told a press conference here on Monday that the government’s move to privatise nationalised banks would destroy the financial system of the country and make it vulnerable to global economic downturns.“The merger of nationalised banks and issuance of licence to corporate houses to start banking firms will result in the weakening of the country’s banking system,” he said.Nine employees’ unions will take part in the strike.The unions also opposed amending the Banking Regulation Act on voting rights of foreign investors and against outsourcing of banking jobs. They have sought reintroduction of Banking Services Recruitment Board, ending ban on recruitment of staff and revision of pension for employees.Josson said that the bank managements were pursuing a policy of outsourcing jobs and services. This would pose security risks, he added.Protest demonstrations have been planned as part of the strike. The state convention of the UFBU will be held at Maharajas College Auditorium in Ernakulam on July 3. The office-bearers of various bank employees unions attended the press meet.
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