Mumbai, Aug. 6 Banking services across the country were paralysed as nearly eight lakh bank employees went on a two-day strike beginning Thursday to press their demand for a hike in wages, pension option and appointment on compassionate grounds. Branches, especially of public sector and old generation private banks, wore a deserted look with both officers and clerical staff not reporting for work.

In Mumbai, a massive rally was organised at the Azad Maidan where trade union leaders reiterated their demands. The impact of the strike can be gauged from the fact that in Mumbai alone just around 12 per cent of the normal average daily volume of six lakh cheques (Rs 9,000 crore) was presented for clearing and settlement on Thursday. Of the 114 banks that normally participate in clearing and settlement, 36 did not today.

Private sector banks However, it was business as usual for new generation private sector banks such as ICICI Bank, HDFC Bank and Axis Bank. The strike call was given by the United Forum of Bank Unions (UFBU), the umbrella body of four officers’ and five employee trade unions. Between them, the unions represent the interests of over 95 per cent of the bank employees in the country. Employees of 21 public sector banks, six associate banks of SBI, private sector banks (predominantly old generation), and some foreign banks struck work.

While the UFBU wants over 20 per cent hike in salary, the Indian Banks’ Association is willing to offer no more than 17.5 per cent. Unions are demanding that 2.7 lakh PF optees be given the option to join the pension scheme. They also want the burden of the Rs 6,000-crore deficit in the pension fund to be shared in the 70:30 proportion between banks and employees.

Conciliation meeting “Given that government and PSU employees have got hefty increase in salary, there is no reason why bank employees should be left out,” said Mr S. Nagarajan, Deputy General Secretary, All India Bank Officers’ Association. Meanwhile, the Chief Central Labour Commissioner has called for a conciliation meeting in Delhi tomorrow to explore the possibility of resolving differences between the UFBU and the IBA.

MUMBAI: After almost a month of mulling over whether he should undergo surgery on his troublesome left shoulder, India’s bowling spearhead Zaheer Khan finally decided to put his bowling arm under the surgeon’s scalpel in South Africa three weeks ago, it can now be revealed.

While the news gathered momentum back home on Thursday, the surgery actually took place in July. ‘‘The news was kept under wraps as the player wanted it to be that way, so that no one troubled him during the crucial first phase of recovery,’’ a source presently accompanying the left-arm seamer in South Africa informed TOI. Zaheer damaged his left shoulder while attempting a dive during the IPL in South Africa in May. He was in the squad for the ICC World T20 in England but missed the following four-match ODI series in the West Indies.

‘Zaheer had trouble rotating his shoulder and underwent a month-long rehabilitation under Dr Mark Ferguson’s guidance. The muscle strengthening exercises provided good relief, but it was only temporary. For best results, Zaheer was recommended surgery as the medics felt he would need it at some stage in the future. So he agreed and is now very happy post surgery,’’ said the source. The recovery period in Zaheer’s case is expected to last anything between three to five months.

‘‘On Thursday afternoon, Zaheer was in a jovial mood and could be seen joking with the staff at Rose Bank Clinic in Johannesburg where Dr Ferguson’s OPD is located on the first floor. The sling from Zaheer’s arm is not there now and even the scars on his left shoulder have vanished. One cannot make out that he’s had surgery,’’ the source added.

Speaking about Zaheer’s overall health, the source said, ‘‘He’s put on a little weight but is cheerful. He is very keen to hit the gym but has been advised rest. His recovery has been excellent and the doctor, his rehab staff and physio are all delighted with his condition.’’ Currently staying with a friend, Zaheer is expected to be back home in a week’s time. Dr Ferguson has been a magic healer for many Indian cricketers including Tendulkar, Javagal Srinath and spinner Anil Kumble.

MUMBAI: Continuing its losing streak for the second consecutive session, the Bombay Stock Exchange benchmark Sensex today fell by 181 points in opening trade on selling by foreign funds and retail investors, tracking other weak Asian markets.

The 30-share index, which had lost nearly 390 points, or 2.45% in yesterday's highly volatile session, lost another 181.16 points, or 1.16% at 15,332.87. Similarly, the Nifty index on the wide-based National Stock Exchange fell by 50.85 points, or 1.10% at 4,534.65.

Brokers said selling pressure gathered momentum on the domestic bourses largely following a weakening trend on other Asian bourses. Stocks of auto, metal and realty sectors, which had risen sharply in the recent rally, were under pressure as funds and investors indulged in booking profits at higher levels.

In the auto sector, Mahindra and Mahindra was down by 2.60% at Rs 859, Maruti Suzuki 1.25% at Rs 1,346.90 and Tata Motors 2.70% at Rs 407. Sterlite Industries, non-ferrous metals producer, traded 2.17% lower at Rs 634, Hindalco lost 1.64% at Rs 101.95 and Tata Steel shed 1.47% at Rs 448.10.

SINGAPORE: Oil pulled back in Asia on Friday as regional stock markets eased and investors awaited a US report on unemployment which could give fresh clues on the health of the recession-hit economy.

New York's main contract, light sweet crude for September, was down 26 cents to $71.68 a barrel, after hitting a five-week high of $72.42 on Thursday. Brent North Sea crude for delivery in September tumbled 29 cents to $74.54 a barrel after briefly touching $76.00 on Thursday, its highest level this year.

"Oil is retreating a bit and that's not surprising considering that Asian equity markets are also easing," said Victor Shum, senior principal at energy consultancy Purvin and Gertz in Singapore. "Oil has followed equities for quite a few months already."

Shum said however there is still caution in the oil market because of weak energy demand from major economies hit by the global economic downturn. "The market fundamentals really do not provide support to the current price levels which look vulnerable," he said. Investors were also awaiting the release on Friday by the US Labor Department of the July jobs report which analysts expect will provide a fresh indication of the prospects for recovery for the world's biggest economy, Shum said.