Bank customers will not face the disruption that was expected from a three-day nationwide bank strike, after the United Forum of Bank Unions (UFBU) decided to defer its planned agitation.
The strike was scheduled for September 28, 29 and 30. Its postponement means bank branches across the country will continue to function during these three days. The development is particularly significant as the proposed strike coincided with the half-yearly closing period for banks.
The UFBU took the decision after the Indian Banks' Association (IBA) gave assurances on several demands raised by the unions.
One of the key demands is the implementation of a five-day banking week, under which Saturdays and Sundays would be weekly holidays. The IBA and UFBU have agreed to immediately constitute a high-level committee to examine the issue of declaring the remaining Saturdays as holidays.
According to the unions, the committee will consider possible alternatives, consult stakeholders and work towards a solution while taking customer requirements into account.
The two sides will also discuss the Performance Linked Incentive (PLI) scheme applicable to Scale IV and above officers. The unions had raised concerns over the scheme and sought changes to it. Discussions with the IBA can now begin, with any proposed changes to be considered before being taken up with the government.
The IBA and bank unions will further discuss other pending issues mentioned in the minutes of their March 8, 2024 meeting, with the stated aim of resolving them at the earliest.
The UFBU had earlier announced the three-day strike over issues including the five-day working week, the PLI scheme and other pending demands.
Before the strike was deferred, banks had advised customers to complete important transactions in advance to avoid inconvenience. Some banks had also remained open on Sunday following directions from the Finance Ministry and the Reserve Bank of India.
UFBU representatives had said the unions were resorting to industrial action because commitments made under an agreement with the government had remained pending for more than two-and-a-half years.
With the strike now deferred, customers will be able to access bank branches as usual from September 28 to 30.
