In a joint statement, the AIBEA and BEFI said, that the strike call is to oppose bank mergers and banking reforms and high penal and service charges for customers. Other demands include recovery of bad loans, stringent action on defaulters and job security, according to the statement.

Merger of banks is totally unwarranted in India as we need more banking services and opening of more branches to serve the people, AIBEA General Secretary CH Venkatachalam was quoted as saying by news agency Press Trust of India.

"The merger has so far resulted in closure of branches and hence it is a wrong policy. Recovery of the huge bad loans is the top priority for banks, and merger will change the priority. Hence it is a bad idea," he added.

"We can easily understand that mergers are a prelude to privatisation of banks and hence we need to vehemently oppose such moves," BEFI had said in a statement earlier this month.