Banking services across India were hit Tuesday for the second straight day in wake of a countrywide two-day strike against the proposed privatization of two public sector banks and retrograde banking reforms, officials said.

The strike that began on Monday saw scores of bank employees taking to streets across several states and raising slogans urging the government to stop privatization of banks.

The strike was called by United Forum of Bank Union (UFBU), an umbrella body of nine bank unions in India.

According to UFBU, nearly a million bank employees participated in the protest and abstained from work.

Reports pouring in from various states across India said banks remained shut for the second straight day.

The strike comes about a month after federal finance minister Nirmala Sitharaman, while presenting the country's budget, announced the privatization of two public sector banks (PSBs) as part of the government's disinvestment plan.

Due to the strike, services such as deposits and withdrawal at banks, cheque clearance and loan approvals would be affected. However, ATMs are likely to remain functional.

The ongoing bank strike will affect people as banks were already closed on March 13 (the second Saturday in India is a holiday for banks) and March 14 (Sunday), leading to a four-day break in regular banking operations.

UFBU said the strike is supported by nine banks unions.

Reports said apart from bank unions, all the unions in four general insurance companies will be on strike on March 17 and all the unions in life insurance corporation will observe strike on March 18.

Private banks like HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank and IndusInd Bank are functioning normally, but these account for only one-third of banking services in India.