MUMBAI: Around one million bank employees went on strike across India Wednesday, a union representative said, demanding better pay and a government crackdown on companies who wilfully default on loan payments. The Asian giant’s troubled lenders have some of the highest levels of debt in emerging markets, weighed down by billions of dollars of non-performing assets (NPAs) also known as bad loans. “Bankers justification in offering the meagre wage rise is losses to the banks,” Tuljapurkar, convenor of India’s United Forum of Bank Unions, said in a statement. Earlier this year the government said banks’ bad loans were worth more than $120 billion. The union boss said bank employees’ workloads had increased since Prime Minister Narendra Modi was elected four years ago and implemented a number of economic initiatives.

Source: Manila Times May 30, 2018 11:03 UTC