The proposed three-day nationwide bank strike from Monday has been postponed following an agreement between the Indian Banks’ Association (IBA) and the United Forum of Bank Unions (UFBU).
Bank employee organisations decided to withdraw the proposed nationwide strike after discussions between the IBA and UFBU. Following the decision, banking services across the country are expected to operate normally from Monday.
The bank unions had called for a nationwide strike from Monday to Wednesday. The proposed action was expected to affect operations at public sector banks, regional rural banks and other related banking institutions. In the event of a strike, services including cash deposits and withdrawals, cheque clearing, branch-related banking work and some administrative services could have been affected.
The decision to postpone the strike was taken after a meeting held on Sunday night. According to the information available, representatives of the IBA and UFBU held discussions at around 9:30 pm.
The meeting covered various pending demands of bank employees and issues related to working conditions. During the discussions, both sides agreed to continue talks on some key issues.
The issue of a five-day banking week, one of the major demands of bank employees, was also discussed. The IBA and UFBU agreed to form a joint committee to examine the proposal for a holiday on all Saturdays.
The joint committee will study the potential impact of implementing a five-day working week and will also seek the views of all stakeholders associated with banking services. The committee will aim to find a solution that takes into account the demands of employees, the requirements of bank customers and continuity of banking operations.
At present, public sector banks observe holidays on the second and fourth Saturdays. Banks operate normally on the remaining Saturdays. The demand for holidays on all Saturdays has therefore remained one of the key issues raised by bank employee organisations for a long period.
The meeting also discussed concerns related to changes in the performance-linked incentive (PLI) scheme applicable to officers in Scale IV and above. The IBA and the concerned parties agreed to initiate further discussions on the issue.
The concerns raised by bank unions will also be placed before the government through the required process, according to the discussions.
The two sides also decided to continue discussions on other pending issues recorded in the minutes of the meeting held on March 8, 2024. The objective is to seek solutions to these issues through further discussions.
The postponement of the proposed strike means that regular banking operations are expected to continue. Had the strike proceeded, branch operations could have been affected for three consecutive days, potentially delaying cheque payments and clearing, cash transactions, deposits, withdrawals and other branch-based services.
Digital banking services generally operate through separate technical systems. However, prolonged closure of bank branches could have affected services and transactions requiring customers to visit branches. With the strike postponed, normal operations at bank branches are expected to continue.
