India

One Million Bankers on Strike in India

Don't like the idea of private capital moving in

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About one million Indian bank employees have started a two-day strike, protesting against reforms that would allow more private capital into the financial sector.

In many cities across the country, banks were shut as thousands of employees, mainly the staff of state-run banks, demonstrated by holding banners and chanting slogans against the reforms in the financial sector, according to Reuters.

The largest lender the State Bank of India was forced to halt trading in onshore spot foreign exchange markets. It comes as a blow to the economy that faces its worst slowdown in almost a decade.