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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 discussed, 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 late Sunday, September 27, after its representatives met IBA officials at 9:30 pm.

The late-night meeting focused on the demand for a five-day banking week and other unresolved issues raised by the unions.

Why Was The 3-Day Bank Strike Deferred?

The strike was deferred after the IBA gave assurances on the demands raised by the UFBU, according to the union forum.

As part of the understanding, a high-level committee comprising representatives of the IBA and UFBU will be formed to examine the demand for declaring all Saturdays as holidays.

The committee will consider various options and consult all relevant stakeholders. It will also seek a solution acceptable to all sides while taking into account the interests of bank customers.

Bank unions have been seeking a five-day banking week for several years. Under the current system, banks remain closed on the second and fourth Saturdays of each month, while employees have been demanding 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 Issue?

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

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

The IBA and UFBU will also take up other pending matters listed in the minutes of their March 8, 2024 discussions.

Both sides are expected to work towards resolving the outstanding issues at the earliest.

Will Banks Remain Open On September 28?

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

The strike was scheduled to begin Monday and would have coincided with the banks’ half-yearly closing period. The proposed three-day action had raised concerns over possible disruptions 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 pending work before the proposed three-day closure.

The UFBU has now deferred the agitation following its late-night discussions with the IBA.

This means 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.