The four unions that have called for the bank strike are the AIBOC, the All India Bank Officer's Association (AIBOA), the Indian National Bank Officer's Congress (INBOC) and the National Organisation of Bank Officers (NOBO).

In a statement, the AIBOC said the unions in the banking sector were opposed to the merger of banks." The proposed merger as announced by Finance Minister is neither in the interest of the country, nor banks or their customers," AIBOC said.

"We, the officers' organisations, strongly oppose the proposed amalgamation of public sector banks, which we foresee as a precursor towards privatization," added AIBOC.

Among other demands, the unions are also seeking immediate introduction of five-day week in full and reduction of cash transaction hours and regulated working hours.

The officers' organizations have also demanded halting of undue interference in the existing procedure of vigilance cases by outside agencies, settlement of issues pertaining to retirees, adequate recruitment, scrapping of NPS (National Pension System), reduction of service charges for consumers and harassing of officers under specious plea of non-performance.

The AIBOC said that the nationalised banks will further observe indefinite strike from the second week of November to press for their demands.

Last month, the government announced four major mergers of PSBs, a move aimed at making state-owned lenders the global-sized banks.

According to the consolidation exercise, United Bank of India and Oriental Bank of Commerce will be merged with Punjab National Bank, making the proposed entity the second largest public sector bank. Syndicate Bank will be merged with Canara Bank. Allahabad Bank will be merged with Indian Bank and Andhra Bank will be amalgamated with Corporation Bank and Union Bank of India.

In 2018, Vijaya Bank and Dena Bank were merged with Bank of Baroda.