Employee unions of banks and state-run insurance companies will stage a sit-in at Azad Maidan in the city tomorrow to protest against privatisation of banks, allowing foreign direct investment (FDI) in the insurance sector and to expedite wage revision.

Mumbai: Employee unions of banks and state-run insurance companies will stage a sit-in at Azad Maidan in the city tomorrow to protest against privatisation of banks, allowing foreign direct investment (FDI) in the insurance sector and to expedite wage revision.

The protest is called by the Co-ordination Committee of Bank, Insurance and Financial Sector Unions (CCBIFU), a joint platform of unions - All India Bank Employee Association (AIBEA), All India Banks Officers Association (AIBOA) and All India LIC Employees Federation (AILICEF), a release from CCBIFU said on Friday.

Employee unions from General Insurance Corporation of India (GIC Re), New India Assurance and United India Insurance are also participating, it added. The unions are protesting against the Financial Resolution and Deposit (FRDI) Bill, privatisation of banks, disinvestment in General Insurance Corporation of India (GIC Re), outsourcing of jobs in banks and other state-run insurance players and FDI in the insurance sector.

"Since the present political dispensation at the centre is implementing anti people and anti labour policies, unions operating in the financial sectors have come together to raise the fight against these policies," CCBIFU said.

The unions are also demanding expedition of wage revision process and adequate recruitments at banks and government-owned insurance companies.