State Bank of India Officers Association has decided to defer their countrywide indefinite strike from October 20th. This decision follows the impact of global financial crisis in the Indian economy.

All India State Bank Officers' Federation General Secretary G. D. Nadaf said, "We have decided to defer the proposed indefinite strike."

Association General Secretary of Kerala Circle, K Rajeevan said that the strike has been postponed ‘considering the financial situation in the country'.

The employees had planned the strike in order to show their anger against the recent mergers of associate banks with SBI. Besides they pressed on various demands such as improvement of pension scheme, implementation of various understandings reached with the management over the past few years, termination of contract jobs in the bank and immediate recruitment in the class IV cadre.

Earlier the banks union went on a two-day strike on September 24th and September 25th. Although the union was asked by finance minister -P. Chidambaram to desist from going on the strike yet United Forum of Bank Unions (UFBU) went on with the protest as their compromise talks with the finance ministry failed.