Protesting privatisation and mergers, about nine lakh public sector bank employees went on a strike on Wednesday,  paralysing most of commercial operations throughout the country.

The strike coinciding with the Left-sponsored nation-wide industrial stir, hit the normal banking business like cash withdrawal and cheque clearances, besides affecting transactions in stock markets and foreign exchange trading.

However, the country's largest bank State Bank of India and private sector lenders like ICICI Bank and HDFC Bank

stayed away from the strike called by the Left-affiliated All-India Bank Employees' Association (AIBEA).

"The strike in banks has been a total success. Banking transaction came to a virtual halt," AIBEA General Secretary C H Venkatachalam claimed. He warned of further agitational programmes as "the government appears to be proceeding with their agenda".

The unions are protesting against the government's reform agenda that includes privatisation, mergers and consolidation and "unrestricted" FDI in the banking sector. They are also opposing outsourcing of non-core activities.

The strike was also joined by about 5,000 Class-III employees of the Reserve Bank of India (RBI) affecting the counters of the central bank in different cities including Delhi, Mumbai, Kolkata, Ahmedabad and others.

The impact of the strike was seen more in the Left ruled states of West Bengal and Kerala while banking activities remained almost paralysed in several other states.