Nationwide bank strike hit branch operations and cash services.
Nearly eight lakh public sector bank employees joined the strike.
Unions demanded immediate implementation of a five-day banking work week.
Banking services were affected across several parts of the country on Friday as the United Forum of Bank Unions (UFBU) observed a nationwide strike demanding the immediate implementation of a five-day work week.
Branch operations, including cheque clearance, cash deposits and withdrawals, were impacted at several places. Most public sector bank branches were either closed or partially shut as employees and officers joined the strike.
Nearly eight lakh employees of various unions of public sector banks participated in the strike called by the UFBU, an umbrella body of nine unions representing bank officers and employees.
Cheques Worth ₹4 Lakh Crore Held Up
According to estimates, cheques worth ₹4 lakh crore were held up for clearance, while cash transactions, bill trading, bill discounting and trading were affected. Treasury operations at public sector banks were also shut at many places, All India Bank Employees Association (AIBEA) general secretary C H Venkatachalam told PTI.
Reports from Madhya Pradesh and Jharkhand indicated that banking services were affected and many ATMs were running dry.
Services including cash deposits, withdrawals, cheque clearances and administrative work were hit at branches of all public sector banks and some old-generation private sector banks.
Operations at major private sector lenders such as HDFC Bank, ICICI Bank and Axis Bank were expected to remain largely unaffected as their employees were not part of the striking unions.
Digital banking services, including UPI and internet banking, continued to work as there were no reports of outages.
Unions Demand All Saturdays As Holidays
The strike followed a conciliation meeting with the Chief Labour Commissioner on January 23 that failed to yield a positive outcome.
In December 2023, it was agreed after discussions that daily working hours from Monday to Friday would be increased by 40 minutes and the remaining Saturdays would be declared holidays, All India Bank Officers' Confederation (AIBOC) general secretary Rupam Roy said.
The proposal was recommended to the government but has been pending approval for the past two years, Roy said.
The unions are demanding that all Saturdays be declared holidays. The demand was reportedly agreed upon during the 12th Bipartite Settlement signed with the Indian Banks' Association (IBA) in March 2024, but is awaiting government notification.
Currently, banks remain open on the first, third and fifth Saturdays of the month.
Several public sector lenders, including State Bank of India, had informed stock exchanges about the potential impact of the strike.
“We advise that while the bank has made necessary arrangements to ensure normal functioning in its branches and offices on the day of the strike, it is likely that work in the bank may be impacted by the strike,” SBI said in a regulatory filing on Friday.
National Confederation of Bank Employees (NCBE) general secretary L Chandrasekhar said the success of the strike showed that five-day banking was necessary for work-life balance, employee wellbeing and sustainable banking services.
He said the continued delay was unacceptable and that bank employees were aggrieved at being singled out and discriminated against despite concluded agreements and digital readiness.
