Bank Strike Deferred | The proposed three-day nationwide bank strike from September 28 to 30 has been deferred following late-night talks between the Indian Banks’ Association (IBA) and the United Forum of Bank Unions (UFBU).
The development means bank branches are expected to function normally on Monday, September 28. The strike has been deferred, not cancelled, with both sides agreeing to continue discussions on the unions’ key demands.
The IBA and UFBU held discussions on Sunday night at around 9:30 pm. Following the meeting, the unions agreed to defer the proposed strike and other planned agitation programmes.
Bank Strike Deferred | High-Level Panel to Examine Five-Day Banking
A high-level committee comprising representatives of the IBA and UFBU will be formed immediately to examine the demand for declaring all remaining Saturdays as bank holidays.
The committee will consider different options and consult stakeholders, including bank customers, before working towards a possible solution.
At present, bank branches generally remain closed on Sundays and the second and fourth Saturdays. The unions have been demanding a five-day banking week, under which all Saturdays would become holidays.
The latest understanding does not itself introduce a five-day working week. Instead, the issue will now be examined by the proposed committee. No fresh strike date has been announced.
The two sides also agreed to begin discussions on the Performance Linked Incentive (PLI) scheme for officers in Scale IV and above.
According to the UFBU, possible changes to the scheme could subsequently be proposed to the government to address concerns raised by unions and associations.
Other pending issues mentioned in the minutes of the March 8, 2024 discussions will also be taken up for an early resolution.
Why Was the Bank Strike Planned? | Bank Strike Deferred
The five-day banking week was the main issue behind the proposed strike. Bank unions have been pressing for all Saturdays to be declared holidays.
They have also raised issues concerning pension benefits, dearness allowance for pensioners and an option for employees covered under the National Pension System to shift to the Old Pension Scheme.
Bank unions had earlier observed a one-day nationwide strike on September 11 over their demands. The proposed September 28–30 action would also have coincided with the half-yearly closing period for banks on September 30.
For customers, the immediate impact is that there is no nationwide bank shutdown planned for September 28. SBI has also confirmed that its branches and banking services will continue to function normally. Customers should nevertheless check their individual bank’s advisory for any branch-specific changes.
Now you can get the latest stories from Indtoday on Telegram every day. Click the link to subscribe. Click to follow Indtoday’s Facebook page, Twitter, and Instagram. For all the latest Hyderabad News updates and Follow us on GoogleNews
