Bank unions pause three‑day strike after reaching deal on Saturday holidays

Bank unions have postponed the three‑day strike that was set to start on Monday after reaching a provisional understanding with the Indian Banks' Association on the demand for a five‑day working week. The United Forum of Bank Unions (UFBU) said a high‑level committee comprising IBA and UFBU members will be formed immediately to examine how remaining Saturdays can become holidays. The committee will look at alternatives, consult all stakeholders and aim for a solution that suits customers. The decision came after a meeting held at 2130 IST between IBA and UFBU, after which UFBU issued a joint statement confirming the deferment. The unions also raised the withdrawal of the performance‑linked incentive scheme for Scale IV and above officers, saying IBA could propose changes to the government and that remaining issues would be discussed for quick resolution. The strike, originally planned for 28‑30 September, was timed to coincide with the banks’ half‑yearly closing on 30 September, a critical date for reconciliation, provisioning and market operations. The Ministry of Finance had warned on 21 September that a disruption at that point would amount to a five‑day shutdown of banking services, affecting customers, businesses and international transactions. It had earlier directed public‑sector and regional rural banks to work on 27 September, the Sunday before the strike.

Context

The demand for a five‑day week mirrors the schedule followed by the central government, RBI and most private firms, and reflects a broader push for work‑life balance in the Indian banking sector.