Services like cash deposits and withdrawal from branches and cheque clearances have been hit hard by the strike, which has been called under the aegis of the United Forum of Bank Unions (UFBU).
The Indian Banks' Association (IBA) has informed banks that United Forum of Bank Unions (UFBU) has served a notice of strike on IBA, informing their decision to go on strike at all banks on July 29 on "issue and demand to stop banking sector reforms".
Banks have been providing for a 15 percent wage hike since November 2012. Thus, banks already have incorporated wage increase of 15 percent into their accounting but their offering is 13 percent only.
The unions have been demanding a wage revision linked to the gross profit of the banks.
Staff of public sector banks had gone on a day's strike nationwide on December 18, after the discussions with IBA on wage revision had failed on December 14.
"The conciliation meeting before the Chief Labour Commissioner between the unions and Indian Banks Association (IBA) failed to find an amicable solution," United Forum of Bank Unions (UFBU) Convener M V Murali told PTI.
The United Forum of Bank Unions (UFBU), an umbrella body of nine unions, warned of flash strikes if the government proceeds with the Banking Amendment Bill of 2011.
About three lakh bank retirees across the country today took part in mass demonstrations in support of their demand for pension updation.
Banking operations have been affected across the country today with employees of public sector and old private sector banks going on a day-long strike in protest banking sector reforms.
The proposed July 7 nationwide bank strike has been deferred to August 5 in view of the late beginning of the monsoon session of Parliament, the United Forum of Bank Unions (UFBU), which is spearheading the strike call, said today.