3-day nationwide bank strike deferred after meeting with association, panel to examine all Saturdays as holidays
The strike was withdrawn after the Indian Banks’ Association (IBA) agreed to immediately set up a high-level committee to examine the unions’ demand for a five-day banking week.
PTC News Desk: Bank unions have deferred their proposed three-day nationwide strike after talks with the Indian Banks’ Association (IBA) on Sunday night. Bank branches will remain open as usual today after the United Forum of Bank Unions (UFBU) called off its proposed three-day strike from September 28 to 30.
The strike was withdrawn after the Indian Banks’ Association (IBA) agreed to immediately set up a high-level committee to examine the unions’ demand for a five-day banking week.
The UFBU said its other planned agitation would also be deferred.
The committee will consider making all Saturdays bank holidays, explore other options and consult stakeholders, including customers. At present, banks remain closed on the second and fourth Saturdays of every month.
However, the agreement does not mean that a five-day banking week has been approved. The UFBU circular also does not set a deadline for the committee to make a decision.
The IBA and bank unions also agreed to discuss a performance-linked incentive scheme for officers in Scale IV and above. The IBA will suggest changes to the government’s existing scheme to address the concerns raised by the unions.
The UFBU had called the strike mainly to demand holidays on all Saturdays, citing long working hours. The unions said the proposal for a five-day banking week had been under discussion for more than two years.
Government sources, however, have maintained that the five-day banking week was neither agreed upon nor included in earlier wage negotiations.
The unions had announced the strike after earlier talks failed to resolve the issue. They had also threatened an indefinite strike from October 26 if their demands were not addressed.
The latest circular has deferred the planned strike, but no fresh strike date has been announced.
What it means for customers ?
The Finance Ministry had warned that the three-day strike could affect banking services, particularly because it coincided with the half-yearly closing of accounts.
Public sector banks and Regional Rural Banks were asked to remain open on Sunday to provide customers with an additional day for branch transactions before the proposed strike.
With the strike now deferred, normal banking services are expected to continue from Monday. However, the demand for a five-day banking week and other issues raised by the unions will be discussed further.