New Delhi/Patna: The three-day nationwide bank strike scheduled for September 28, 29 and 30 has been called off following a late-night agreement between the Indian Banks’ Association (IBA) and the United Forum of Bank Unions (UFBU).
The strike had been called over the demand for a five-day work week in the banking sector. Following discussions on Sunday night, both sides agreed to constitute a committee to examine the issue of working days.
Seven major bank unions representing more than 90% of bank employees were scheduled to participate in the strike. They included AIBEA, AIBOC, NCBE, AIBOA, BEFI, INBEF and INBOC.
Committee To Examine Five-Day Work Week
The decision to withdraw the strike followed an agreement between the IBA and UFBU to set up a committee to address the unions’ demand for changes in the existing working-day structure.
The strike would have affected banking services across the country for three consecutive days from September 28 to 30.
Dispute Over Five-Day Banking Week
The development came amid differences between bank employee unions and the government over the five-day work week.
Media reports prior to the agreement stated that the government had not formally promised a five-day work week for banks and that the issue had not been part of the salary revision negotiations.
A Finance Ministry source was cited as saying that the demand had been raised by employee unions independently and that no consensus had been reached between the government and the unions on the matter.
Disagreement Over PLI Scheme
The five-day work week is not the only issue on which bank unions and the government have differed.
Unions have also opposed changes to the performance-linked incentive (PLI) system for senior bank officers at Scale-4 and above.
Under the new policy, high-performing officers could receive incentives equivalent to up to 365 days of basic salary. Bank unions have raised objections to the new arrangement.
Banks Opened On Sunday Amid Strike Preparations
The decision to call off the strike came after banks had already been directed to remain open on Sunday to ensure continuity of public banking services.
The Sunday opening was described as unusual, with the last comparable nationwide opening having taken place in 2016 following demonetisation.
At the time, banks remained open on Sundays to manage large crowds of people seeking to exchange or deposit the old Rs 500 and Rs 1,000 currency notes and withdraw cash.
