Shares of eight PSU banks declined on Monday as employees of PSU banks have gone on a nationwide strike to protest against the proposed privatization of two state-owned lenders.
Indian Bank (down 3.61%), Bank of India (down 3.23%), SBI (down 2.76%), Canara Bank (down 2.61%), Union Bank of India (down 1.99%), Bank of Maharashtra (down 1.96%), Punjab National Bank (down 1.95%) and Bank of Baroda (down 1.36%) edged lower.
Around 10 lakh bank employees are on protest against the privatisation of public sector banks, that was announced during the Union Budget. Services such as deposits and withdrawal at branches, cheque clearance and loan approvals would be affected due to the strike.
FM Nirmala Sitharaman had announced that two public sector banks other than IDBI Bank would be privatised, with the government setting its disinvestment target for FY22 at Rs 1.75 crore.
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