Bank Strike Deferred, Know- What Happened At The 9:30 PM Meeting On Sunday?

New Delhi: The planned nationwide three-day bank strike, scheduled for September 28 to 30, has been postponed following a late-night meeting between the Indian Banks’ Association (IBA) and the United Forum of Bank Unions (UFBU). The UFBU disclosed the decision in a circular on September 27 after talks with the IBA began at 9:30 pm.

What transpired during the meeting? A crucial outcome was the agreement to establish a high-level committee with representatives from both the IBA and UFBU. This committee will assess the unions’ request to declare all future Saturdays as bank holidays, potentially leading to a five-day banking week. Additionally, the committee will investigate alternative solutions that could meet the needs of bank employees, other stakeholders, and customers.

A significant point of discussion was the Performance Linked Incentive (PLI) scheme for officers in Scale IV and above. Both parties have agreed to commence discussions on the scheme, with the IBA proposing changes to the government in response to feedback from unions and officers’ associations. Other unresolved matters recorded in the minutes from March 8, 2024, will also be addressed promptly, with both sides striving for resolution as soon as possible.

Following these concessions, the UFBU opted to postpone its planned agitational actions and the three-day nationwide strike. The unions had initially called for the strike due to alleged delays in fulfilling previous promises. Among their primary demands was a five-day banking week, with Saturdays and Sundays as designated holidays.

Union representatives also contested the implementation of the PLI scheme, arguing it was introduced without sufficient consultation. With the strike now deferred, banking services are anticipated to proceed as usual while negotiations continue.