3-day bank strike deferred after talks between unions, banks’ association; was set to start tomorrow

The Indian Banks Association (IBA) and the United Forum of Bank Unions (UFBU) have agreed to defer a proposed three-day nationwide bank strike from September 28 to 30. The decision was reached during a meeting between the parties on Sunday night. The UFBU had been seeking a five-day banking week and improvements in pension benefits, among other demands.

A high-level committee comprising representatives of the IBA and UFBU will now be formed to discuss the demand for declaring the remaining Saturdays as holidays and to work towards a solution acceptable to all stakeholders. The Finance Ministry had earlier stated it had no commitment to implement the five-day banking week demand.

The strike was originally planned to address several issues, including the five-day banking week, pension benefits, and the Performance Linked Incentive (PLI) scheme for senior officers.