The proposed three-day nationwide bank strike from September 28 to 30 has been deferred after the Indian Banks’ Association (IBA) assured bank unions that their key demands would be discussed and taken forward.

The United Forum of Bank Unions (UFBU) announced the decision in a statement on Sunday, September 27. One of the major demands is the long-standing proposal to declare all Saturdays as holidays for bank employees and introduce a five-day banking week.

The decision came after a meeting between the IBA and UFBU that began at 9:30 pm on Sunday. Representatives from both sides discussed the five-day banking week and several other issues that have remained pending for some time.

Why the 3-day bank strike was deferred

According to the UFBU, the strike was postponed after the IBA gave assurances on the demands raised by the bank unions. As part of the agreement, a high-level committee with representatives from both the IBA and UFBU will be set up to examine the demand for holidays on all Saturdays.

The committee will study different options and consult all relevant stakeholders before moving forward. It will also try to find a solution that is acceptable to all sides while keeping the interests of bank customers in mind. The demand for a five-day banking week has been pending for several years. At present, banks remain closed on the second and fourth Saturdays of each month. Bank unions, however, have been demanding that all Saturdays be declared holidays.

The issue was also included in the March 2024 wage settlement. However, the proposal has not yet received further action. Another important issue raised by the unions relates to the Performance Linked Incentive (PLI) scheme for officers in Scale IV and above. The UFBU said discussions on the PLI scheme can now be taken up with the IBA. Bank unions and officers’ associations want changes to the scheme to address their concerns before any proposal is forwarded to the government.

The two sides will also discuss other unresolved matters mentioned in the minutes of their March 8, 2024 meeting. The UFBU said the discussions will aim to settle the remaining issues at the earliest possible opportunity.

Will banks remain open on September 28?

Yes, the banks will remain open on September 28. Since the proposed strike has been deferred, banks are expected to remain open on Monday, September 28. The strike was originally scheduled to begin on Monday and would have taken place during the half-yearly closing period for banks. A three-day nationwide strike during this period could have affected banking operations and caused delays in customer transactions.

Several bank branches had also opened on Sunday to help customers complete important transactions before the proposed strike. ANI reported that the Sunday openings were intended to allow customers to clear pending banking work ahead of the planned three-day disruption.

With the UFBU now deferring the strike after its discussions with the IBA, there will be no three-day nationwide bank strike from September 28 to 30 at this stage. The focus will now move to the high-level committee and further talks between the IBA and bank unions. Key issues on the table include a five-day banking week, holidays on all Saturdays, changes to the PLI scheme and other pending demands raised by the unions.