Bank customers dreading a delay in transactions due to the proposed three-day bank strike have reason to cheer as the United Forum of Bank Unions (UFBU) has decided to defer the move.This means that all banks across the country will continue to function as usual for the strike period that had been announced September 28-30. This also assumes significance since it’s the time for half yearly closing.
Why bank unions deferred strike
Bank unions on Sunday called off their planned three-day nationwide strike after the Indian Banks’ Association (IBA) gave assurances on their key demands, including the long-pending demand for a five-day working week.The strike, which was scheduled to begin on Monday, had been announced by the United Forum of Bank Unions. The proposed industrial action also coincided with the half-yearly closing period.Following the developments and the assurances given on the issues related to the strike, the UFBU agreed to defer the agitation programmes and strike actions that had been planned, its statement said.With the strike deferred, bank branches will remain operational on Monday.
Why were bank unions planning to strike & what assurances have they got?
Under the understanding reached between the unions and the IBA, a high-level committee comprising representatives of both sides will be constituted immediately to examine the demand for declaring the remaining Saturdays as holidays.“A high-level committee of the IBA and UFBU will be formed immediately to deliberate on the issue of declaring the remaining Saturdays as holidays. This committee will explore all possible alternatives, discuss with all the stakeholders, and work out a solution acceptable to all the stakeholders, more importantly, the customers,” the UFBU said in a statement, according to PTI.The two sides will also take up the Performance Linked Incentive (PLI) scheme applicable to Scale IV and above officers.Discussions with the IBA can begin on possible changes to the scheme, which can then be proposed to the government after taking into account the concerns raised by the unions and associations, the UFBU said.The unions and the IBA will also discuss the remaining issues mentioned in the minutes dated March 8, 2024, with the aim of resolving them at the earliest, it said.
What bank unions said earlier
Earlier, the UFBU had announced a three-day nationwide strike. This had compelled banks to issue advisories to customers to complete their important banking transactions in advance. Some banks had even remained open on Sunday on the Finance Ministry and RBI’s directions.Narendra Sharma, UFBU Himachal Pradesh Convenor and President of the Bankers United Forum of Himachal Pradesh, had said the unions had been pushed towards industrial action because commitments contained in an agreement with the government, signed more than two-and-a-half years ago, had still not been implemented.“Our main demand is the implementation of a five-day banking week, with Saturday and Sunday as weekly holidays. The second major issue is the withdrawal of the new Performance Linked Incentive scheme, which has been implemented unilaterally by the Department of Financial Services. More than two-and-a-half years have passed since the agreement was signed, but the commitments made in it have still not been implemented. We have therefore been left with no option but to resort to agitation,” said Sharma.
On which days are banks open this week?
With the September 28-30 bank strike being called off, banks across the country will remain open for five days this week. This is due to a national holiday on Friday, October 2, on account of Gandhi Jayanti. Since October 3 will be the first Saturday of the month, banks will remain open.October is a month of festivals across the country and several holidays are lined up depending on the state and region. Customers may do well to check their state-specific bank holiday list.
