A three-day nationwide bank strike scheduled to begin Monday has been deferred after the United Forum of Bank Unions (UFBU) and the Indian Banks’ Association (IBA) reached an agreement following late-night talks.
Around eight lakh bank officers and employees had been expected to participate in the strike, raising the prospect of widespread disruption to banking services across India.
The UFBU said representatives met with the IBA at 9:30 p.m. Sunday, just hours before the planned industrial action was due to begin. Following the discussions, the unions agreed to defer their protests and strike action while several outstanding issues are addressed.
A key demand involves introducing a five-day banking week by declaring all Saturdays as bank holidays. Under the agreement, the IBA and UFBU will immediately establish a joint committee to examine the proposal.
The committee will consider available options and consult stakeholders before attempting to reach a solution that addresses the concerns of bank employees as well as customers.
R. Sekaran, president of the All India Bank Officers’ Confederation, said the IBA had agreed to establish a high-level committee to review the five-day banking demand, with representatives from the UFBU participating in the process.
The two sides also agreed to begin discussions on proposed changes to the performance-linked incentive, or PLI, scheme for officers in Scale IV and above. The talks are expected to allow concerns surrounding the scheme to be raised with the federal government.
Other unresolved matters recorded in the minutes of discussions held on March 8, 2024, will also be taken up in an effort to reach settlements.
Following the commitments made during Sunday’s meeting, the UFBU said its planned protests and three-day strike would be deferred for the time being.
The decision means customers are expected to avoid the widespread banking disruptions that had been anticipated during the three-day industrial action.
