Strike hurts bank operations, market trade (India)

[OhioChick]

Fri Oct 27, 2006 2:53 PM IST

By M.C. Govardhana Rangan

MUMBAI (Reuters) - Banking operations and financial markets in the country were heavily disrupted on Friday as 1 million workers went on strike to protest government pressure for mergers and reforms, to oppose outsourcing and to call for more staff.

Nine different unions, under the banner of the United Forum of Bank Unions, have joined the strike, and they threatened more strike action if their calls were not heeded.

"When all the unions go on strike there is certainly an impact," said K.L. Gopalakrishna, executive director at the state-run Corporation Bank.

"Although some top executives have opened the branches, only limited work is being done."

In New Delhi, more than 1,000 employees cheered speeches and chanted slogans on the wide front staircase of the main Parliament Street branch of the State Bank of India.

http://in.today.reuters.com/news/NewsArticle.aspx?type=businessNews&storyID=2006-10-27T142752Z_01_NOOTR_RTRJONC_0_India-273862-3.xml

~snip~ India has carved a niche for itself by becoming an outsourcing hub for may global banks like JP Morgan and UBS but the workers on the Azad Maidan were against any of India's state-run banks following suit.

"Outsourcing of jobs is being attempted by the state-run banks which we don't want," S. Nagarajan, deputy general secretary at All India Bank Officers Association, said in Mumbai.

How ironic.....