India, the third-largest economy in Asia, has struggled to reform and liberalise key sectors like banking, retail and insurance in recent years, partly given widespread fears of exploitation of local interests by aggressive foreign investors.
The United Forum of Bank Unions organize the strike said it would involve one million employees from 70,000 bank branches, 26 public sector banks including the State Bank of India, and 26 private sector banks.
"(The strike) isn't for any of the economic demands of the present workforce. It is for the preservation of the economic sovereignty of the nation," added the left-leaning umbrella of unions that organised the one day strike.
Analysts said many banking operations would be untroubled by the strike, with several of India's new generation of privately owned banks not involved, including ICICI Bank, HDFC Bank, YES Bank and Kotak Mahindra Bank.
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