Bank strike deferred: Are banks open today? Here’s what customers need to know
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The three-day nationwide bank strike scheduled for September 28-30 has been deferred following late-night discussions between the United Forum of Bank Unions (UFBU) and the Indian Banks’ Association (IBA).
The decision followed an understanding between the two sides to continue discussions on key demands raised by the unions. A high-level committee comprising representatives of the IBA and UFBU will examine the demand for declaring all remaining Saturdays as holidays. The UFBU claims to represent around 90% of the banking workforce, according to media reports.
The development came just hours before the strike was scheduled to begin on Monday. With the protest deferred, bank branches are expected to operate normally from September 28.
New-generation private sector banks, including ICICI Bank, HDFC Bank, Axis Bank and IndusInd Bank, were not participating in the proposed strike. Cooperative banks had also clarified that they would continue normal operations.
The National Federation of Urban Cooperative Banks and Credit Societies (NAFCUB), National Urban Cooperative Finance and Development Corporation (NUCFDC) and National Federation of State Cooperative Banks (NAFSCOB) said cooperative banking institutions had not proposed to join the UFBU strike. The three bodies said their member institutions would continue providing banking services under normal operating arrangements.
Why did bank unions call the strike?
The unions had called the three-day strike primarily to press for a five-day banking week, including a demand to declare all Saturdays as holidays. The issue has been a key point of contention between bank unions and management.
Under the understanding reached on Sunday night, the proposed committee will examine possible alternatives and consult relevant stakeholders before working towards a solution.
The discussions will also cover the Performance Linked Incentive (PLI) scheme applicable to Scale IV and above officers. The IBA is expected to take up the matter with the government and explore changes based on concerns raised by the unions.
The UFBU had earlier announced the September 28-30 strike following a one-day nationwide strike on September 11. Its demands have also included issues related to working arrangements, pensions and service and wage matters.
Earlier, the Finance Ministry had appealed to bank employees to defer the strike and resolve outstanding issues through dialogue, saying several union concerns had already been substantially addressed.
The timing of the proposed strike was significant as September 30 marks the half-yearly closing for banks. Disruptions during this period could have affected reconciliation, provisioning, treasury operations and financial-market activities.
Ahead of the planned strike, public sector banks and regional rural banks were directed to remain open on September 27 to facilitate essential transactions. The Reserve Bank of India had also permitted certain bank branches, offices, ATM-linked branches and currency chests to remain operational that day.