The two-day long bank strike has been called by the United Forum of Bank Unions (UFBU). The UFBU comprises nine main bank unions -- All India Bank Employees' Association (AIBEA), All India Bank Officers' Confederation (AIBOC), National Confederation of Bank Employees (NCBE), All India Bank Officers' Association (AIBOA), Bank Employees Federation of India (BEFI), 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).
Bank unions are protesting against the Centre's proposal to privatise public sector banks. Union Finance Minister Nirmala Sitharaman said that privatisation of two public sector banks and one general insurance company are on the top priority to improve the health of public sector banks and insurance companies.
In the run-up to the two-day bank strike on March 15-16, the normal functioning of the Bank's branches is likely to be affected. In view of this, customers have been advised to plan cash withdrawals and transfers well in advance.
India's largest bank the State Bank of India and Bank of Maharashtra are taking necessary measures to ensure that services remain unaffected, they said they can't quantify the expected loss due to this strike at present.