Bank unions defer 3-day nationwide strike after talks with IBA

Bank unions have deferred their proposed three-day nationwide strike after reaching an understanding with the Indian Banks’ Association (IBA) on forming a high-level committee to resolve their demands, the United Forum of Bank Unions (UFBU) said on Sunday.

In a circular issued on September 27, as cited by ANI, the UFBU said the committee will be formed immediately to deliberate on the demand for declaring all remaining Saturdays as holidays for bank employees.

The committee will examine possible alternatives, hold discussions with all stakeholders and work towards a solution acceptable to all parties, with customers’ interests given importance, the UFBU said.

The two sides also agreed to begin discussions on the Performance Linked Incentive (PLI) scheme for Scale IV and above officers. The discussions will consider the unions’ observations and seek to address them with the government.

The residual issues listed in the minutes of a March 8, 2024 meeting between the parties will also be taken up for early resolution, according to the circular.

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

The proposed strike had been scheduled for three days from Monday and was expected to affect banking services, particularly at public sector banks, old-generation private banks and regional rural banks.

The unions had called the strike primarily to press for a five-day banking week, along with demands relating to pension benefits, dearness allowance for pensioners and an option for employees covered under the National Pension System to switch to the Old Pension Scheme.

A one-day nationwide bank strike was held on September 11 over the demands.

The UFBU, an umbrella body representing seven bank employees’ and officers’ unions, had also threatened an indefinite strike from October 26 if the issues remained unresolved.

The Finance Ministry had earlier this week appealed to bank employees to resolve the remaining issues through dialogue and keep banking services uninterrupted. It said most of the unions’ concerns had been substantially addressed and that the PLI-related demand had been put in abeyance earlier this month.