Bank strike next week: Date, which banks and services will be affected
The UFBU which arranged the strike is a bank union collective of over 8 lakh employees in PSU, private, foreign, co-op, and regional rural banks.
A nationwide bank strike is set to come next week, led by the United Forum of Bank Unions (UFBU) and this may bring a significant portion of India's financial sector to a standstill.
This comes after talks for certain demands with the Indian Banks' Association (IBA) failed.
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On which days will the bank strike happen?
The bank strike will take place on March 24 and 25 next week, which is a Monday and Tuesday respectively.
The strikes will impact public sector, private sector, and regional rural banks as well, potentially leading to four days of interrupted services due to Saturday and Sunday being bank holidays as well since March 22 is a fourth Saturday.
Which banking services will be affected?
"Banking services like clearing house, cash transaction, remittances, advances will be affected for four days starting from March 22,” an ANI report quoted Pankaj Kapoor, VP, All India Bank Officers Confederation (AIBOC) as saying.
However, ATM and online banking transactions will still available, though larger or time-sensitive transactions might get delayed.
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It is thus, advisable to contact your nearest bank branch much in advance and make plans accordingly for any banking needs.
What is the UFBU and what are the demands?
The UFBU is a collective of nine bank unions representing over eight lakh employees and officers in public sector banks, private sector banks, foreign banks, co-op banks and regional rural banks.
These unions include the All India Bank Employees Association (AIBEA), All India Bank Officers' Confederation (AIBOC), National Confederation of Bank Employees (NCBE), and All India Bank Officers' Association (AIBOA).
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The strike comes for demands such as ensuring sufficient recruitment in all job cadres across banks to ensure adequate branch staffing, regularising all temporary employees, implementing a five-day work week for all banks, withdrawing performance reviews, ensuring the safety of bank officers and staff against assaults, and amending the Gratuity Act to increase the ceiling to ₹25 lakh.
