Bank strike: Employees term PM initiative 'too late'

Business worth R8,000-10,000 crore is likely to be affected due to the strike by bank unions, industry sources said. Agitating bank unions under the aegis of United Forum of Bank Unions (UBFU) rejected the chief labour commissioner’s formal conciliation offer and will go ahead with the Budget-eve strike.

This development comes even as Prime Minister Manmohan Singh has asked defence minister AK Antony, agriculture minister Sharad Pawar, finance minister P Chidambaram and labour minister Mallikarjun Kharge to discuss amicable solutions with the trade unions, sources said.

According to sources, the ministers met trade unions on Monday and said the country cannot afford a strike during these difficult times. The ministers assured the government was trying its best to control inflation, generate jobs and revive growth.

The finance ministry, in a statement said it was disappointed that the bank employees are joining the strike, adding there was no reason for them to participate in the strike as none of the main demands (such as stopping disinvestment, increasing minimum wages, universal social security cover, assured pension for all) has any connection with the bank employees.

“Banks provide employment to many and continue to recruit every year. Bank employees have social security cover. They hold regular jobs with attractive salaries. They receive bonus, provident fund and

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