Why are banks closed today? Which banks are on strike? Check which services are affected

Bank employees across India are staging a nationwide strike today, causing significant disruptions to public sector banking operations. The United Forum of Bank Unions (UFBU), representing around 90% of bank staff, is leading the protest. Their demands include a move to a five-day workweek and resolution of ongoing wage and pension grievances. The strike coincides with the BRICS summit taking place in India from September 12 to 13.

Among the unions participating in the strike are the Bank Employees Federation of India (BEFI), All India Bank Employees Association (AIBEA), Indian National Bank Officers Congress (INBOC), National Confederation of Bank Employees (NCBE), All India Bank Officers Association (AIBOA), Indian National Bank Employees Federation (INBEF), and All India Bank Officers Confederation (AIBOC).

Major state-run banks such as State Bank of India, Union Bank of India, IDBI Bank, Indian Bank, UCO Bank, and Punjab National Bank are among those affected by the strike.

The majority of private sector banks continued to operate normally despite the disruption. Bank employees are frustrated over the failure to negotiate progress with authorities, citing what they perceive as unfair treatment. General Secretary of AIBEA, CH Venkatachalam, stated that due to the lack of positive outcomes, the strike has become necessary.

Bank Employees Federation of West Bengal's vice-president, Shymal Kumar Hazra, emphasized the importance of the banking sector to India's economy and the legitimacy of their demand for a five-day workweek, which has been pending for a long time.

The unions have put forward several demands, including designating all Saturdays as bank holidays, overhauling pension structures, implementing a standardized Dearness Allowance (DA) calculation formula for retirees, and allowing bank employees to switch to the Old Pension Scheme (OPS) from the National Pension System (NPS). The UFBU has announced plans to hold another strike from September 28 to 30, with the possibility of a further indefinite strike if their demands remain unmet.