Bank unions defer 3-day nationwide strike following assurance from IBA

Banking sector unions postponed their scheduled three-day nationwide strike on Sunday after receiving commitments from the Indian Banks’ Association (IBA) regarding their key demands, which encompass the implementation of a five-day work week.

The United Forum of Bank Unions (UFBU) had announced the strike action to commence on Monday, strategically timed to coincide with the half-yearly financial closing period.

Following the deferment of the strike action, banking institutions will continue normal operations on Monday.

“A high-level committee of the 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 the stakeholders, and work out a solution acceptable to all the stakeholders, more importantly, the customers,” the UFBU said in a statement.

Regarding the PLI scheme applicable to Scale IV and above officers, preliminary discussions may begin with the IBA to present proposed amendments to the government, addressing the concerns raised by unions and associations, according to the statement.

The outstanding matters enumerated in the minutes dated March 8, 2024, shall be subject to deliberation among all parties to facilitate prompt resolution, the statement indicated.

Given these circumstances, the UFBU consented to postpone the scheduled agitational programmes and strike actions, the statement further noted. 

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