Bank Strike: The anticipated three-day nationwide strike scheduled for September 28-30, 2023 has been averted in India as bank unions postponed it following late night talks with the Indian Banks’ Association (IBA). The three-day strike was called off on September 27, just hours before the strike was scheduled to begin.
Late-night talks change the strike plan
The United Forum of Bank Unions (UFBU) and IBA had a meeting at about 9.30 p.m. on Sunday. As per the meeting, the unions decided to postpone the strike; after the meeting, both parties decided on several important issues that were pending, including a five-day banking week. It also means the three-day closure scheduled for September 28, 29 and 30 will no longer go ahead as scheduled. Bank branches are likely to be open as usual, depending on each bank.
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Five-day banking demand moves to a committee
The principal demand of the agitators was that all the 52 Saturdays should be declared holidays for bank employees. Of the 52 Saturdays, banks declare holidays only on the 2nd and 4th, while on other Saturdays they are open. As per the revised scheme, a high-level committee comprising representatives of IBA and UFBU shall be constituted for consideration of the proposal. The committee shall explore possible alternatives and consult all stakeholders before arriving at a consensus. But that latest deal does not indicate that a 5-day banking week has been introduced. The terms still need to be discussed and considered.
Other pending issues are also on the table
The conversations aren’t only about Saturday holidays. The two parties are also likely to talk over modifications to the Performance Linked Incentive (PLI) scheme for Scale IV and over officers. Similarly, other issues from previous meetings that have been left for decision are going to be once again taken up for consideration. Based on the latest understanding, UFBU has put off its once-again planned agitation and strike program.
What does it mean for bank customers?
What it means for customers: For now, the anticipated three-day interruption has been averted. When the strike was announced, fears arose that it would cause significant delays in branch services, cheque clearance, and other transactions, as September 30 is the half-yearly closing for banks. The government had also issued an advisory ahead of the strike. Public sector banks and regional rural banks were also told to function on Sunday, September 27, to enable customers to carry out important transactions before the call for strike.
