Banks to remain open on Monday as unions defer 3-day nationwide strike

Bank unions on late on Sunday deferred their three-day nationwide strike following assurance from the Indian Banks' Association (IBA) on their demands, including a five-day work week.

The strike call beginning Monday was given by the United Forum of Bank Unions (UFBU), which coincides with half-yearly closing.

With the postponement of the strike, banks would function on Monday.

"A high-level committee of the IBA and UFBU will be formed immediately to deliberate on the issue of declaring the remaining Saturdays as holidays. This committee will explore all possible alternatives, discuss with all the stakeholders, and work out a solution acceptable to all the stakeholders, more importantly, the customers," the UFBU said in a statement.

Five-day week demand unresolved for several years

The demand for a five-day banking week has remained unresolved for several years. During recent conciliation meetings before the Chief Labour Commissioner, the government did not give any commitment on implementing the five-day working week, union leaders had said earlier.

"Agitation has been forced on the unions due to the actions of the government and management," Rupam Roy, general secretary of the All India Bank Officers' Confederation (AIBOC), had said.

The unions had argued that a five-day working week is already followed by several government and financial institutions.

"A five-day working week is already followed by central and state government offices, the RBI, LIC, GIC, NABARD and several other institutions. The stock market, money market and foreign exchange market also function on a five-day basis," L. Chandrasekhar, general secretary of the National Confederation of Bank Employees (NCBE), had said.

Besides five-day banking, unions are seeking resolution of several other issues, including the updation and improvement of pension benefits, a uniform dearness allowance formula for all pensioners, and an option for employees covered under the National Pension System (NPS) to switch to the Old Pension Scheme (OPS).

Meanwhile, the finance ministry earlier this week appealed to bank employees to refrain from resorting to strikes and resolve their remaining demands through dialogue, saying most concerns of the unions have been substantially addressed.

"Given that most concerns of the unions have been substantially addressed, that the remaining demand continues to be examined, and that the government continues to proactively introduce welfare measures for the banking workforce, bank employees are urged to refrain from resorting to strikes, work towards resolving issues through dialogue, and ensure that banking services remain uninterrupted," it had said.

Other issues to be discussed

Regarding the performance-linked incentive (PLI) scheme for Scale IV and above officers, the discussions can start with the IBA to propose modifications in the scheme to the government to address the observations of the unions/associations, the UFBU said in the statement late on Sunday.

The residual issues as listed in the minutes dated March 8, 2024, will be discussed between the parties for expeditious resolution, it said.

In view of the above, it was agreed by the UFBU that the proposed agitational programmes and strike actions will be deferred, it added.