"We hope to get the bill passed in both houses of Parliament this week," Mahajan told reporters after a meeting of the ruling coalition partners at which the forthcoming Parliament session's business was discussed. Asked if there was cross-party accord on the long-delayed legislation to open the insurance sector to private players, Mahajan said: "There is a general consensus". He said the insurance bill would be on the lower house's agenda of business on Monday.

The bill which would open up the state-run insurance business to private and foreign participation was introduced in the lower house of Parliament last month. The bill seeks to cap equity stake held by a foreign firm in a joint venture at 26 per cent. The Indian partner in the venture would have to bring down its share to 26% over 10 years.

The bill'sintroduction met with opposition from law makers on the Left and regional parties.

Meanwhile, union leaders said today that over 15 lakh employees of insurance companies, public sector banks and domestic financial institutions will observe a day-long strike, a day after the Insurance Regulatory and Development Authority bill will be taken up for discussion in the Parliament.

It will be an ``unprecedented strike'' when the entire financial sector employees will initiate a joint struggle against the the IRDA Bill and the Verma panel report on weak banks, trade union leaders said.

The IRDA Bill figures as the third item on the Parliament's business agenda and the bill is slated to be taken up for discussion either tomorrow or a day later.

Talking to reporters here today, Gurudas Dasgupta, Rajya Sabha member of Communist Party of India, said as a first step a massive march comprising officers and employees will be held before the Parliament tomorrow.``Also, we will approach leaders of all politicalparties, including leader of Opposition in the Lok Sabha and Congress President Sonia Gandhi, to elicit support in favour of our struggle,'' N S Sundaram, General Secretary, All India LIC Employees Federation, said.

All the trade unions, including those affiliated to major political parties, will meet on November 30 to decide on the future course of action against the liberalisation and privatisation of the financial sector. The national sponsoring committee of central trade unions has come out in support of the cause of insurance and bank employees and will join the march to Parliament here tomorrow.

``This expression of solidarity undermines the understanding amongst the Indian working class the offensive emanating from the Union government at the behest of multinational companies,'' Dasgupta said.

He apprehended that LIC and GIC would be ultimately weakened with the foreign insurance companies cornering profitable urban business, leaving all social obligations to the public sector.

Warning thatthe employees shall not take things lying down, Ramanand, General Secretary, All India Bank Employees Association (AIBEA), said what is at stake is the economic sovereignty of the country and thereby the social welfare of the commonman.

``The bogey of non-performing assets is raised as justification to weaken further the public sector banks when it is within the power and capability of the government to rectify the situation by resorting to strong legislative and other action for recovery of these bad debts,'' he added.