Here is what bank customers need to know ahead of the strike.
Banks to open on Sunday, September 27
Public Sector Banks (PSBs) and Regional Rural Banks (RRBs) will function normally on Sunday, September 27, ahead of the strike. The RBI has approved the operation of bank branches, offices, ATM-linked branches and Currency Chests on the day.
The move is aimed at giving customers an additional banking day before the three-day strike. SBI has also separately told customers that its branches will remain open on Sunday.
However, some bank unions have raised objections over employees working on the holiday, so customers may check their individual bank’s latest communication before visiting a branch.
Why are bank employees going on strike?
The principal unresolved demand is implementation of a five-day banking week, which would make all Saturdays holidays for bank employees. At present, the second and fourth Saturdays are holidays for public sector banks, while other Saturdays are generally working days.
The unions had also demanded withdrawal of the Performance Linked Incentive (PLI) scheme. The Finance Ministry has said the government has decided to keep the PLI scheme in abeyance, which it described as addressing one of the two main demands. The government has urged employees to defer the strike and resolve the remaining issues through dialogue.
The unions had earlier observed a one-day strike on September 11. An indefinite strike has also been proposed from October 26, with the five-day workweek remaining the outstanding issue.
Why is September 30 important?
The strike coincides with the half-yearly closing of banks on September 30. The Finance Ministry has said the date is significant for reconciliation, provisioning, treasury and market operations.
The government has warned that the combination of the weekend and the three-day strike could affect customers, businesses, government transactions and international banking operations.
What has the government done about salaries and pensions?
The Centre has moved certain payments ahead of the strike.
The Ministry of Finance has allowed September salaries, wages and pensions of Central Government employees and pensioners to be disbursed on September 25. The order covers Central Government employees, including those in Defence, Posts and Telecommunications, as well as Central Government pensioners.
The government has also asked that payments and other banking transactions scheduled towards the end of September be processed in advance, wherever feasible, to avoid delays during the strike period.
What are banks telling customers?
Banks have advised customers to complete urgent branch-dependent transactions before the strike and use digital and alternate channels for routine banking needs.
SBI has asked customers to use ATMs, Customer Service Points, internet banking, mobile banking, UPI and other digital channels. Canara Bank has similarly advised customers to use UPI, mobile and internet banking, ATMs, cash deposit machines, cards, Business Correspondents and Customer Service Points.
Customers who need cash withdrawals or deposits, remittances, loan-related services, bill payments or other work requiring a physical branch should plan these transactions in advance.
Will all banking services stop?
No. A bank strike does not mean that every banking channel will shut down. The main impact is expected on physical branches and office-based services, depending on employee participation and individual bank arrangements.
UPI, internet banking, mobile banking and ATMs are expected to remain available, although customers should check their bank’s advisory for specific services.
Private-sector banks are also expected to be less affected because the strike is primarily being called by unions representing employees in the public-sector banking system.
What should customers do?
Customers with time-sensitive branch work should use the available banking day on September 27 or complete the transaction before the weekend.
For September 28-30, customers should keep digital payment channels, internet/mobile banking and ATM facilities as alternatives for routine requirements. Those expecting salary, pension or other end-September payments should also check whether their employer or bank has advanced the payment schedule.