Nationwide Bank Strike Deferred After Late-Night Talks; Banks to Operate as Usual Today

New Delhi: The United Forum of Bank Unions (UFBU) has deferred its planned three-day nationwide strike, originally scheduled for September 28 to 30, after a late-night meeting with the Indian Banks' Association (IBA) on Sunday. As a result, public sector banks, old-generation private banks and regional rural banks will operate normally on Monday, sparing customers disruption to services such as cheque clearances and cash deposits and withdrawals.

The decision followed talks held at night on September 27, just hours before the strike was due to begin. The UFBU, an umbrella body of seven bank employee and officer unions, had called the strike to coincide with the half-yearly closing of banks, pressing chiefly for a five-day banking week, with all Saturdays as holidays rather than only the second and fourth.

Under the understanding reached, a high-level committee of the IBA and UFBU will be formed immediately to examine whether the remaining Saturdays can be declared holidays, explore alternatives and consult stakeholders, while protecting customer interests. The IBA also agreed to begin discussions on modifications to the Performance Linked Incentive (PLI) scheme for Scale IV and above officers, which the unions have objected to, and to promptly address residual issues from the March 8, 2024 minutes.

The deferral is not a final settlement: the UFBU has warned it could launch an indefinite strike from October 26, if its demands remain unresolved.