India bank strike takes hold

India's banking services have been severely disrupted by a one day strike.

It was called by trade unions in protest against plans by the government to reduce its control in state-owned banks from fifty-one to thirty-three percent.

Union officials said the strike was a success with most workers staying away from work.

Officials said only a few bank employees had turned up for work and there was very little trading in the financial markets.

Unions say the government's action will mean the nineteen national banks -- many of them loss-making -- will be acquired by the very concerns which owe them money. The Indian finance minister, Yashwant Singh, says the government will not be deterred by the strike, and will put the proposals to parliament later this month. The government says it wants to help the banks gain greater access to capital markets.

From the newsroom of the BBC World Service