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Services like deposits and withdrawal at branches, cheque clearance, and loan approvals would be affected due to the two-day strike.
Branches of private sector lenders like ICICI Bank, HDFC Bank and Axis Bank will however remain open as they are not participating in the strike.
ATMs are likely to remain functional across the country.
State-run lenders, including Central Bank of India among others have informed customers to use their digital channels like internet or mobile banking and ATMs for making transactions during the strike.
Money markets and stock markets are also going to face problems as payments would be impacted due to the strike, All India Bank Employees Association (AIBEA) general secretary CH Venkatachalam told news agency PTI.
The strike comes after Union Finance Minister Nirmala Sitharaman had in the Budget announced the privatisation of two public sector banks as part of the government's ambitious disinvestment drive to generate Rs 1.75 lakh crore.
The government has already privatised IDBI bank by selling its majority stake to the Life Insurance Corporation (LIC) in 2019 and has also merged 14 public sector banks in the last four years.
Apart from the public sector banks, the Finance Minister also proposed in the Budget to divest a general insurance company. Ms Sitharaman said all divestments announced so far will be completed in Financial Year 2022, including that of LIC IPO and Air India.
Apart from bank unions, all the unions in four General Insurance Companies will be on strike on March 17. All unions in LIC are on strike on March 18, while unions of four insurance companies have called for a strike against the privatisation of public companies.
Members of umbrella organisation UFBU that has called the strike include All India Bank Employees Association (AIBEA), All India Bank Officers' Confederation (AIBOC), National Confederation of Bank Employees (NCBE), All India Bank Officers' Association (AIBOA) and Bank Employees Confederation of India (BEFI). Others are the Indian National Bank Employees Federation (INBEF), Indian National Bank Officers Congress (INBOC), National Organisation of Bank Workers (NOBW) and National Organisation of Bank Officers (NOBO).
(With inputs from PTI, ANI)
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