In India 300 thousand employees of public banks went on strike (PHOTO)

About 300 thousand employees of government banks are participating in the strike in India against government plans to reorganize the banking system, told TASS.

According to Reuters, the reason for the discontent became the government’s plans to merge ten state banks of four, which gave rise to fears about mass redundancies among Bank employees. About such reform in August 2019 was announced by the Finance Minister of India Nirmala Sitaraman.

“The government can call it a merger, but actually it will end with a closing six banks”, – quotes Reuters the representative of the trade Union of Bank employees.

Bank employees participated in the strike across India, has not returned to work and joined the protest March. For the action banks have suspended delivery of some services, such as cash and cheque operations, intermittent work ATM.

The state banks account for two-thirds of the total assets of the banking sector of India and the most problem loans. In 2017, Prime Minister Narendra modi has promised to reduce the number of state banks from 27 to 12 to ensure the financial stability of banking institutions.