Major banking transactions were affected on Thursday after over 17,000 Reserve Bank of India employees went on mass casual leave for the day. The employees are protesting against the central government's reform measures and also seeking better retirement benefits, PTI reported. Cheque clearances, payments and settlements, and foreign exchange transactions took a hit, even though unions leaders said they did not wish to inconvenience the market or the public with their strike.

The strike is the first at India's central banking institution in six years, and was called by the umbrella union United Forum of Reserve Bank Officers and Employees. The union's demand of upgrading pensions and retirement benefits has been a long-running issue at the bank. The union leaders also object to government reforms, which they say will reduce the apex bank’s regulatory powers on monetary policy and take away debt management operations from it. The last strike at the bank, in 2009, was also for higher pensions.