The bankers are also demanding an increase in the number of public sector branches through expansion from the existing 40,000 to 1 lakh.
Around 10 lakh bank employee from 27 public sector banks, 18 foreign banks, 26 private, 82 regional rural banks and 1,721 co-operative banks would be participating in the strike.
State-owned bankers, nearly 44 crore employees, including organised and unorganised sectors and industries will also participating in the strike.
"AIBEA and Maharashtra State Bank Employees Federation (MSBEF) have taken an initiative in the strike," said All India Bank Employees Association's (AIBEA) General Secretary, Vishwas Utagi.
"Other trade unions affiliated with INTUC, AITUC, CITU, HMS, HMKP and various other unions operating in financial sector, government sector, port trust and transport sector, would be participating in the strike," he added.
"When the RBI is talking about financial inclusion, there is a need to increase the number of branches of public sector banks. We want the number to go up from 40,000 to 1 lakh, if the financial model has to become a success," Utagi said.