Following discussions with the Indian Banks’ Association (IBA) on Sunday night, Bank unions postponed their planned 3-day nationwide strike. The IBA originally planned the strike to start on Monday. In order to avoid a disturbance that would have coincided with the half-yearly closure of accounts, bank branches will stay open as usual today.
After the IBA promised to promptly establish a high-level committee to review its demand for a five-day banking week, the United Forum of Bank Unions (UFBU) called off the September 28-30 strike. The UFBU said that it will postpone it’s further planned activities.
Why did bank unions decide to go on a strike from September 28 to 30?
In order to push for the adoption of a five-day banking week, the UFBU announced a three-day nationwide strike from September 28 to 30. It is an umbrella organisation of seven unions that represents 90% of bank employees and officers.
The planned strike was scheduled to take place after the weekend holidays on 26 and 27. The banks operated on Sunday, September 26, to minimise disruption to customer services.
On September 11, the UFBU had previously staged a one-day strike. The next strike was scheduled to occur on September 28, 29, and 30. They threatened to start an indefinite nationwide strike on October 26 if their demands were not met.
The unions have made four primary demand. The demands according to the UFBU’s official statement:
- Establishing a five day banking week and destinating all Saturdays as holidays.
- Government performance-linked incentive (PLI) programs have been discontinued.
- Bilateral negotiations to modify the incentive program.
- A non-discriminatory incentive program for officers and employees.
Why was the three-day bank strike postponed? What was altered during that time?
Following a meeting between the UFBU and the Indian Banks’ Association (IBA) on Sunday at 9:30 pm, the strike was postponed.
During the meeting, important steps were taken. The two parties decided that talks over the Performance Linked Incentive (PLI) program for scale IV and above officers may begin with the IBA suggesting changes to the government to meet concerns expressed by groups and unions.
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