New Delhi: Normal banking operations will continue on Monday after bank unions called off a three-day nationwide strike at the last minute following assurances from the Indian Banks' Association (IBA) that their demands, including a five-day work week, would be examined.
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The United Forum of Bank Unions (UFBU) had called the strike from September 28 to 30, potentially disrupting banking services for three consecutive working days. The proposed industrial action had raised concerns over customer inconvenience, particularly as it coincided with the half-yearly closing period.
The strike was withdrawn late on Sunday after the IBA agreed to constitute a high-level committee with UFBU representatives to examine the demand for declaring all Saturdays as bank holidays.
According to UFBU, the committee will consider alternatives, consult stakeholders and seek a solution acceptable to all concerned, particularly customers.
Banks currently remain closed on Sundays as well as the second and fourth Saturdays of every month. The unions have been pressing for the remaining Saturdays to also be declared holidays, effectively moving the industry to a five-day working week.
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The withdrawal means customers have been spared a potentially prolonged disruption. Public sector banks and regional rural banks had even remained open on Sunday as a precautionary measure to minimise inconvenience ahead of the threatened strike.
The episode, however, raises questions over the use of a nationwide shutdown as leverage for demands concerning working conditions when banking is an essential public-facing service and customers would have borne much of the immediate cost of the dispute.
The IBA and unions will also discuss proposed changes to the performance-linked incentive scheme for Scale IV and above officers. Other pending matters recorded in the minutes of March 8, 2024, are expected to be taken up for an early resolution.
With the strike withdrawn, banking branches are expected to function normally from Monday.
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