Late-Night IBA-Union Meet, Key Assurance: How 3-Day Bank Strike Was Averted At Last Moment

The proposed three-day nationwide bank strike from September 28 to 30 has been deferred after the Indian Banks’ Association (IBA) assured bank unions that their key demands would be taken up for discussion, including the long-pending proposal to declare all Saturdays as holidays for bank employees.

The United Forum of Bank Unions (UFBU) announced the decision in a statement on Sunday, September 27, following a meeting with the IBA at 9:30 pm.

During the meeting, the two sides discussed the demand for a five-day banking week and other pending issues raised by bank unions.

Why Was The 3-Day Bank Strike Deferred?

According to the UFBU, the strike was deferred after the IBA gave assurances on the unions’ demands.

A high-level committee comprising representatives of the IBA and UFBU will now be constituted to examine the demand for declaring the remaining Saturdays as holidays.

The committee will explore possible options and hold consultations with all stakeholders. It will also work towards a solution acceptable to all sides while considering the interests of bank customers.

Bank unions have been demanding a five-day banking week for several years. Under the existing system, banks remain closed on the second and fourth Saturdays of every month, while the unions are seeking holidays on all Saturdays.

The demand was also included in the March 2024 wage settlement but has been awaiting further action.

What Is The PLI Demand?

The Performance Linked Incentive (PLI) scheme for Scale IV and above officers was another issue discussed during the meeting.

The UFBU said discussions on the PLI scheme can now begin with the IBA. Bank unions and associations are seeking changes to the scheme to address their concerns before any proposal is forwarded to the government.

The IBA and UFBU will also discuss other pending issues listed in the minutes of their March 8, 2024 meeting.

The two sides are expected to work towards resolving the remaining issues at the earliest.

Will Banks Remain Open On September 28?

Yes. With the proposed strike deferred, banks are expected to remain open on Monday, September 28.

The strike was scheduled to begin on Monday and would have coincided with the banks’ half-yearly closing period. The proposed three-day nationwide action had raised concerns over possible disruption to banking services and transactions.

Several bank branches had also opened on Sunday to help customers complete pending transactions ahead of the planned strike. ANI reported that the Sunday openings were aimed at helping customers clear their work before the proposed three-day closure.

With the UFBU now deferring the strike following its discussions with the IBA, there will be no three-day nationwide bank strike from September 28 to 30 at this stage.

The focus will now shift to the proposed high-level committee and further discussions on the five-day banking week, holidays on all Saturdays, the PLI scheme and other pending demands.