3-day nationwide bank strike called off

Bank managements have averted a major three-day nationwide strike, which was to begin today, by agreeing to form a high-level committee of the Indian Banks’ Association (IBA) and the United Forum of Bank Unions (UFBU)to deliberate on the issue of five-day work week. This will ensure that banks have a smooth half-yearly closing on September 30th.

Had this understanding between bank managements and bank unions not been reached in a late evening meeting on September 27 (Sunday), branches of public sector banks (PSBs), regional rural banks (RRBs) and old generation private sector banks across the country would have been closed for three-days (from September 28 to September 30), causing inconvenience to the public.

“Today (September 27th) at 9.30 pm there was a meeting between IBA and UFBU After due deliberations, it was decided that a high-level committee of IBA and UFBU will be formed immediately to deliberate on the issue of declaring the remaining Saturdays as holidays. This committee will explore, all possible alternatives; discuss with all stakeholders, and work out a solution acceptable to all stakeholders and, more importantly, the customers,” UFBU said in a statement.

As regards the PLI (productivity linked incentive) Scheme for Scale IV and above officers, the discussions can start with IBA to propose modifications to the Government in the scheme to address the observations of the Unions/ Associations, it added.

Further, the residual issues as listed in the March 8, 2024 minutes will be discussed between the parties for expeditious resolution.

In view of the above, it was agreed by the UFBU that the proposed agitational programmes and strike actions will be deferred.

PSBs and RRBs across the country kept their branches open on Sunday following Finance Ministry directive in this regard in the backdrop of the UFBU calling for a three-day nationwide bank strike to press for implementation of its demand for 5-day work week.

Old generation private sector banks (PvSBs) too kept their branches open as their operations are expected to be affected as the old guard in these banks will be joining the strike. Some of the new generation PvSBs, especially those with currency chest operations, kept select branches open.

In order to ensure that the genuine banking needs of the public are not adversely affected for an extended period,all Public Sector Banks and Regional Rural Banks will function normally on Sunday, the 27th of September, 2026, the finance ministry said in a September 23rd statement.

The ministry noted that the Reserve Bank of India has granted approval for all bank branches, offices, ATM-link branches and Currency Chests to remain fully operational on September .

Devidas Tuljapurkar, Chairman, Banking Education Training Research Academy, and trade union leader, said: “The demand for a five-day weekis neither unreasonable nor unprecedented. Banking institutions in most countries function through a five-day working structure.

“Within India, the Reserve Bank of India, insurance institutions, financial regulators, government offices, stock exchanges and most major financial-sector institutions already follow five-day working.