An assurance, late-night meet: Why 3-day bank strike was averted at last moment

Bank customers were initially concerned about potential interruptions in transactions due to a proposed three-day bank strike. However, the United Forum of Bank Unions (UFBU) has now decided to postpone the strike. The decision comes after the Indian Banks Association (IBA) assured the unions about their key demands, including a long-standing request for a five-day working week. The strike was originally scheduled to begin on September 28 and run through September 30, coinciding with half-yearly closing periods.

The UFBU and IBA reached an understanding that a high-level committee would be formed to examine the demand for declaring the remaining Saturdays as holidays. This committee will explore all possible alternatives and work out a solution acceptable to all stakeholders, with the priority being customer convenience. Additionally, talks will focus on modifying the Performance Linked Incentive (PLI) scheme for Scale IV and above officers, with the goal of achieving a resolution that satisfies both the unions and the government.

In response to the unions' call, banks had issued advisories to customers to complete important transactions before the strike began. Some banks even remained open on Sundays as per directions from the Ministry of Finance and the Reserve Bank of India (RBI). However, with the strike now deferred, banks across the country will remain open for business from September 28 to September 30. The first Saturday of the month, October 3, will also see banks operating as usual.

Narendra Sharma, the UFBU's Himachal Pradesh Convenor and President of the Bankers United Forum of Himachal Pradesh, explained that the unions were compelled to take industrial action due to the non-implementation of commitments from an agreement signed over two-and-a-half years ago. The main demand remains the implementation of a five-day banking week, with Saturday and Sunday as weekly holidays, while the second major issue concerns the withdrawal of the Performance Linked Incentive scheme.