NEW DELHI, September 28: The proposed three-day nationwide bank strike scheduled from September 28 to September 30 has been deferred after late-night talks between the Indian Banks’ Association (IBA) and the United Forum of Bank Unions (UFBU) resulted in an understanding on several pending issues. Banks are therefore expected to function normally today, September 28.
The decision provides relief to millions of customers who had been preparing for possible disruption to branch-based banking services during the three-day industrial action.
Bank Strike Deferred After Late-Night Talks
The UFBU decided to defer its planned agitation following a meeting with the IBA on the night of September 27.
The All India Bank Employees Association confirmed early Monday that the strike had been postponed following the agreement between the two sides. The strike had been scheduled to begin today and continue through September 30.
Banks to Function Normally Today
With the strike deferred, bank branches are expected to remain open and operational on Monday, September 28.
The development means customers should be able to access regular branch services instead of facing the widespread disruption that had been anticipated if the strike proceeded.
Five-Day Banking Week Remains Key Demand
One of the main demands raised by bank employees and officers is the introduction of a five-day banking week, with all Saturdays and Sundays declared holidays.
At present, banks remain closed on the second and fourth Saturdays of every month, while other Saturdays are working days.
Bank unions have been seeking implementation of an arrangement under which every Saturday would become a holiday.
High-Level IBA-UFBU Committee to Be Formed
As part of the agreement that led to the strike being deferred, the IBA and UFBU will form a high-level committee to examine the demand concerning Saturday holidays.
The committee is expected to consider different alternatives, consult stakeholders and attempt to arrive at a solution acceptable to employees, banks and customers.
The agreement keeps negotiations open rather than immediately resolving the five-day banking demand.
PLI Scheme for Senior Officers Also Under Discussion
The two sides also agreed to hold discussions over the Performance Linked Incentive (PLI) scheme for Scale IV and above officers.
According to the UFBU, possible changes to the scheme could be proposed to the government after discussions with the IBA in order to address concerns raised by bank unions and officers’ associations.
Other Pending Issues to Be Taken Up
The IBA and UFBU have additionally agreed to discuss unresolved matters recorded in the minutes of their March 8, 2024 meeting.
The union forum said these residual issues would be taken up for an early resolution as negotiations between the two sides continue.
Strike Had Raised Concerns Over Banking Disruption
The planned September 28-30 strike had raised concerns because it would have affected physical banking operations across the country and coincided with the banking sector’s half-yearly closing on September 30
Several public-sector banks had earlier issued advisories to customers and prepared contingency measures to keep essential banking services running during the proposed industrial action.
Government Had Taken Steps to Maintain Services
Ahead of the strike, authorities had also taken unusual measures to reduce inconvenience to customers.
Public-sector banks and Regional Rural Banks were permitted to remain open on Sunday, September 27, with the Reserve Bank of India approving operations at branches, offices, ATM-linked branches and currency chests because of the expected three-day strike.
However, the late-night breakthrough between the IBA and UFBU ultimately removed the immediate threat of disruption.
Digital Banking Services Were Expected to Continue
Even before the strike was deferred, digital services such as UPI, mobile banking, internet banking and ATMs were generally expected to remain available, though physical branch operations could have been significantly affected.
With the strike now postponed, both physical and digital banking services are expected to operate normally, subject to individual bank schedules and local conditions.
Negotiations to Continue on Bank Employees’ Demands
The latest agreement does not mean that bank unions have withdrawn their demands permanently.
Instead, the proposed strike and other agitation programmes have been deferred while negotiations continue between the UFBU and IBA.
The outcome of the newly proposed committee’s discussions will now be closely watched, particularly over the long-standing demand to introduce a five-day work week across the banking industry.
Source – Akashvani News / PTI / Moneycontrol / Economic Times
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