Bank Strike Deferred: IBA-UFBU To Discuss 5-Day Banking Week, Saturday Holidays

The United Forum of Bank Unions has deferred its proposed three-day nationwide bank strike from September 28 to 30 after reaching an understanding with the Indian Banks’ Association on pending issues, including the demand for holidays on all Saturdays.

The United Forum of Bank Unions (UFBU) deferred the strike following a meeting with the Indian Banks’ Association (IBA) at 9.30 pm on Sunday, September 27, according to a circular issued by the UFBU. The strike was scheduled to begin on Monday.

The two sides agreed to form a high-level committee with representatives of the IBA and UFBU to examine the demand for declaring the remaining Saturdays as holidays. The committee will explore possible alternatives, consult all stakeholders and work towards a solution acceptable to them, while also taking customers’ interests into account.

Committee to discuss remaining Saturdays as holidays

The agreement does not mean that a five-day banking week has been approved. Instead, the issue will now be taken up by the proposed IBA-UFBU committee.

The committee will explore possible alternatives and consult stakeholders before working towards a resolution. The demand for a five-day banking week has been one of the issues behind the proposed industrial action by bank unions.

PLI scheme for Scale IV and above officers

The meeting also covered the Performance Linked Incentive (PLI) scheme for officers in Scale IV and above.

According to the UFBU circular, discussions with the IBA can begin on proposed modifications to the scheme, which would then be taken up with the government to address observations raised by the unions and associations.

The two sides also agreed to discuss the residual issues mentioned in the minutes of their discussions dated March 8, 2024, with the aim of resolving them expeditiously.

UFBU defers agitation and strike action

Following the understanding reached at the meeting, the UFBU said its proposed agitation programmes and strike actions would be deferred.

The circular, numbered 2026/31 and dated September 27, was issued to the constituent organisations of the UFBU. It was signed by C.H. Venkatachalam of AIBEA, Rupam Roy of AIBOC, L. Chandrasekhar of NCBE, Sanjay Khan of AIBOA, Debasish Basu Choudhary of BEFI, Prem Makker of INBOC and O.P. Sharma of INBEF.

The proposed strike will therefore not go ahead from September 28 to 30, while negotiations will continue on the outstanding issues, including the demand for holidays on all Saturdays.