Bank staff plan stir in mid-July

The associations are also planning to launch a nation-wide campaign, including public meetings and demonstrations, from May 15 against policies of public sector banks, which, they said, favour the corporate sector.

C H Venkatachalam, general secretary, AIBEA, said public sector banks were undermining their social objectives by lending more money to companies and were paying lower interest rate on deposits of individuals.

He said banks paid lower rate on retail deposits compared with that on corporate bulk deposits, which amount to around Rs 200,000 crore.

"Public sector banks are meant for the common people and we want the government to interfere and address the issue," Venkatachalam said.

On lending policies, he said, credit deployment, especially for agriculture, was stipulated at 18 per cent by the Reserve Bank of India, but the overall exposure of public sector banks was lower. He said companies get access to cheap loans, while small businessmen and the farm sector still find it tough.

"This is a greater threat to the country and people should know about this. We will take the matter to the people by organising rallies and signature campaigns across the country. Union representatives will also meet chief ministers and governors of states. The date of the strike has not yet been confirmed. It will coincide with the banks' nationalisation day," said Venkatachalam.