Bank unions strike, markets not disrupted

MUMBAI: Three Indian bank unions representing some 600,000 workers went on strike on Wednesday to protest consolidation of state-run banks, but the action did not disrupt trading in financial markets.

The strike did not include all bank unions, or major banks such as State Bank of India and ICICI Bank About 500 bank workers shouting slogans and waving flags rallied close to the financial district in Mumbai. Some state-run bank branches in the city were closed.

In the financial markets dealers said trading volumes were lower than normal but trade was not unduly disrupted. Bombay Stock Exchange trading and settlements were not impacted by the strike, a spokesman said. India has 80 commercial banks, including 29 foreign banks, and nearly 3,000 urban and rural co-operative banks.

The unions behind the strike have said they will take further action if their concerns are not addressed. Employees of leading lender State Bank of India went on strike on Monday and therefore did not participate on Wednesday, a union leader said.