bank strike
MUMBAI, Aug 7 (Reuters) - India's state-run banks remained shut on Friday as a nationwide strike by their employees demanding higher wages and pensions entered the second day, hurting volumes in the currency and bond markets.
State-run banks account for more than half of banking sector assets and have a dominant presence in the fixed income and foreign exchange markets.
Around 900,000 employees announced the two-day strike after talks with Indian Banks' Association, representing the managements of various banks, collapsed earlier this week.
"The strike is 100 percent on today as well," said Prakash Gangal, secretary of All India State Bank of India Staff Federation.
Gangal said the Labour Commission has convened a meeting with bank unions at 3 p.m. (0930 GMT) on Friday to resolve the issue.
Gangal's union is part of the United Forum of Bank Union, which represents employee unions of all banks.
India has 80 commercial banks, including 29 foreign banks and nearly 3,000 urban and rural co-operative banks. Volume recorded in the federal bond market was low at 250 million rupees ($5 million). Trading on Thursday was 29.15 billion rupees, compared to 43.50 billion rupees on Wednesday.
MUMBAI, Aug 7 (Reuters) - India's state-run banks remained shut on Friday as a nationwide strike by their employees demanding higher wages and pensions entered the second day, hurting volumes in the currency and bond markets.
State-run banks account for more than half of banking sector assets and have a dominant presence in the fixed income and foreign exchange markets.
Around 900,000 employees announced the two-day strike after talks with Indian Banks' Association, representing the managements of various banks, collapsed earlier this week.
"The strike is 100 percent on today as well," said Prakash Gangal, secretary of All India State Bank of India Staff Federation.
Gangal said the Labour Commission has convened a meeting with bank unions at 3 p.m. (0930 GMT) on Friday to resolve the issue.
Gangal's union is part of the United Forum of Bank Union, which represents employee unions of all banks.
India has 80 commercial banks, including 29 foreign banks and nearly 3,000 urban and rural co-operative banks. Volume recorded in the federal bond market was low at 250 million rupees ($5 million). Trading on Thursday was 29.15 billion rupees, compared to 43.50 billion rupees on Wednesday.
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