Bank strike called off at last minute as unions reach agreement with IBA
Bank customers across India have avoided an expected three-day disruption after the United Forum of Bank Unions deferred its planned nationwide strike following late-night negotiations with the Indian Banks’ Association.
The UFBU and IBA held discussions at 9.30 pm on Sunday before reaching an agreement on several issues that had prompted the unions to announce the strike.
A joint committee involving the IBA and UFBU will now examine the long-standing demand for a five-day banking week. The panel is expected to consider different options and consult stakeholders, including those affected by any change in banking schedules.
The two sides have also agreed to begin discussions on modifications to the Performance Linked Incentive system applicable to Scale IV and higher-ranking officers. The matter will be taken up with the government as part of the discussions.
Other pending matters mentioned in the minutes of the March 8, 2024 meeting will also be reviewed.
Following these developments, the UFBU announced that the proposed strike and related protests would be deferred.
The proposed action had centred on the demand for five-day banking and changes to the incentive structure for senior officers. Around eight lakh bank employees and officers were expected to participate, potentially affecting more than 1.81 lakh branches nationwide.
Banks had already made preparations for a possible shutdown, with public sector and regional rural banks keeping branches open on Sunday, September 27, to allow customers to complete urgent branch-related work.