The proposed three-day nationwide bank strike from September 28 to 30 has been deferred after the Indian Banks’ Association (IBA) gave an assurance on the demands raised by bank unions, including the long-pending demand to declare all Saturdays as holidays for bank employees, the United Forum of Bank Unions (UFBU) said in a statement on Sunday, September 27.
The decision was taken after a meeting between the IBA and UFBU at 9:30 pm on Sunday, during which the two sides discussed the demand for a five-day banking week along with other pending issues raised by the unions.
Deep Dive
What assurance did the IBA give to call off the bank strike?
Why is there a demand for a five-day banking week?
How will the high-level committee address the demand for Saturday holidays?
Why the 3-day bank strike was put off
According to the UFBU statement, the decision to defer the strike followed an assurance from the IBA on the unions’ demands.
{{/usCountry}}According to the UFBU statement, the decision to defer the strike followed an assurance from the IBA on the unions’ demands.
{{/usCountry}}Following the discussions, a high-level committee comprising representatives of the IBA and UFBU will be formed to examine the demand for declaring the remaining Saturdays as holidays.
The committee will consider possible options and hold discussions with all stakeholders on the issue. It will also work towards finding a solution acceptable to all sides, while taking into account the interests of bank customers.
The demand for a five-day banking week has been pending for some time. Under the existing system, banks are closed on the second and fourth Saturdays of every month, while bank unions have been seeking holidays on all Saturdays.
The demand was also part of the March 2024 wage settlement, but the proposal has been awaiting further action.
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The Performance Linked Incentive (PLI) scheme for Scale IV and above officers is another issue raised by bank unions.
According to the UFBU statement, discussions on the PLI scheme can now begin with the IBA. The unions and associations are seeking changes to the scheme to address their concerns before any proposal is sent to the government.
The UFBU also said the IBA and the unions will discuss other pending issues listed in the minutes of their March 8, 2024 discussions.
The discussions are expected to focus on resolving the remaining matters as soon as possible.
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Will banks remain open on September 28?
Yes. With the strike deferred, banks are expected to function on Monday, September 28.
The strike was scheduled to begin on Monday and would have coincided with the half-yearly closing period for banks. The proposed three-day action had raised concerns about possible delays and disruptions to banking services and transactions.
On Sunday, several bank branches had also opened to help customers complete transactions ahead of the planned three-day closure. ANI reported that the Sunday openings were aimed at helping customers clear pending work before the proposed strike.
The UFBU has now deferred the planned agitation and strike action following its latest discussions with the IBA.
This means there will be no three-day nationwide bank strike from September 28 to 30 at this stage. The focus will now shift to the high-level committee and further discussions between the IBA and bank unions on the five-day banking week, holidays on all Saturdays, the PLI scheme and other pending demands.
(Inputs from Sehjal Gupta and Harsh Kumar)