In the midst of bank strike over the proposed privatization of the public sector banks, Union Minister Nirmala Sitharaman on Tuesday said not all banks are going to be privatized adding the interests of the employees will be taken care of.

"We have announced a Public Enterprise Policy where we have identified four areas where public sector presence will be there. In this, the financial sector is there too. Not all banks are going to be privatized. Interests of workers of banks which are likely to be privatized will absolutely be protected -- whether their salaries or scale or pension, all will be taken care of," said Sitharaman while addressing a press conference after attending a meeting of the Cabinet Committee of Economic Affairs (CCEA).

"Even for those banks which are likely to be privatized, the privatized institutions too will continue to function after privatization; the interests of the staff will be protected," she added. This information comes around a time when several banks across the country called for a nationwide strike on March 15-16 against the privatization of Public Sector Banks.

United Forum of Bank Union, which is an umbrella body of nine bank unions, with over 10 lakh bank employees and officers had called a two-day nationwide strike on March 15 and 16 against 'retrograde banking reforms'. The strike came after Sitharaman's budget announcement where she announced the privatization of two public sector banks (apart from IDBI Bank) as part of the government's disinvestment drive to generate Rs 1.75 lakh crore. Apart from the bank unions, all the unions in four general insurance companies will be on strike on Wednesday.

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