Bank Strike Update: Bank customers have received relief as the United Forum of Bank Unions (UFBU) has deferred its proposed three-day nationwide strike that was scheduled to begin on Monday, September 28. The decision came after the Indian Banks’ Association (IBA) gave assurances on key demands raised by the unions, including the long-pending issue of a five-day banking week.
The strike was scheduled for September 28 to 30 and coincided with the half-yearly closing of banks. Following the postponement, bank branches will function on Monday as scheduled.
High-Level Committee to Discuss Five-Day Banking Week
According to the UFBU statement, the IBA and UFBU will immediately constitute a high-level committee to examine the proposal to declare the remaining Saturdays as bank holidays.
The committee will consider possible alternatives and hold discussions with the concerned stakeholders, including customers, with the aim of arriving at an acceptable solution. At present, banks observe holidays on the second and fourth Saturdays.
The demand for a five-day banking week has been a major issue behind the unions’ recent strike calls. The proposed September strike had earlier been expected to create significant disruption because it followed the September 26-27 weekend.
PLI Scheme for Bank Officers Also on the Agenda
The UFBU also raised the Performance Linked Incentive (PLI) scheme applicable to officers in Scale IV and above.
As part of the latest understanding, discussions can begin between the IBA and the unions to consider modifications to the scheme and place proposals before the government. The discussions are intended to address the observations raised by the unions and associations.
Pending Issues to Be Discussed
The parties will also take up the remaining issues listed in the minutes dated March 8, 2024, with the objective of resolving them as quickly as possible.
In view of the assurances and the proposed discussions, the UFBU has agreed to defer its planned agitation programmes and strike action. This means customers do not face the three-day bank strike that had been scheduled from September 28 to 30.
Disclaimer
This article is based on the latest information available at the time of publication and is intended for general informational purposes. Bank holidays, operating schedules, union decisions and negotiations may change following further developments. Customers should check with their respective bank or official banking channels for the latest service-related information.