From correspondents in Tamil Nadu, India, 08:31 PM IST

About one million bank employees will go on for a two-day nationwide shutdown Wednesday to protest against the government's privatisation policy.

Conciliatory talks between the United Forum of Bank Union (UFBU) leaders and S.K. Mukhopadhyay, chief labour commissioner, in New Delhi Tuesday failed to break the stalemate over the issue.

'We wanted a commitment from the Indian Bank's Association (IBA) that there will not be any move on reform measures in the banking sector and also a time frame with which worker related issues - pension option, wage negotiations and others - are sorted out. The IBA declined to give any commitment on any of the issues,' C.H. Venkatachalam, convenor UFBU, told IANS over phone.

The bank unions are against the government merging the banks and allowing foreign direct investment in the sector.

Venkatachalam said employees of foreign banks, old generation private banks and public sector banks will be striking work for two days.

(Staff Writer, © IANS)