Bank strike deferred after IBA-UFBU talks; services to continue as usual

BENGALURU: A three-day nationwide bank strike scheduled from September 28 to 30 has been deferred following successful talks between the Indian Banks’ Association (IBA) and the United Forum of Bank Unions (UFBU) over various demands raised by bank employees.

The decision is expected to provide relief to customers as banking operations will continue as usual across public sector banks, private banks and regional rural banks.

The UFBU had called for the strike seeking the implementation of a five-day banking week, among other demands. However, following a crucial meeting held on Sunday, both sides reached an understanding on addressing the employees’ concerns, prompting the unions to temporarily withdraw the strike.

As part of the understanding, the IBA and UFBU will constitute a high-level committee to examine the demand for declaring all Saturdays as holidays. The committee will explore possible alternatives and seek a mutually acceptable solution while ensuring that customer services are not affected.

The two sides also discussed concerns over the performance-linked incentive (PLI) scheme applicable to Scale IV and above officers. The IBA has agreed to propose necessary modifications to the government to address the objections raised by the unions.

Several pending issues listed in the minutes of the meeting held on March 8, 2024, will also be taken up for early discussion and resolution, according to the understanding reached between the two sides.

The Union finance ministry had urged the banking unions and management to resolve the issues through dialogue and ensure that public banking services were not disrupted.

With the strike deferred, customers are expected to have uninterrupted access to banking services from September 28 to 30.