The proposed two-day nationwide strike by bank employees, scheduled for March 24 and 25, has been postponed by one to two months.
This decision comes after a series of conciliation meetings between the United Forum of Bank Unions (UFBU), the Indian Banks’ Association (IBA), and the Department of Financial Services (DFS).
The strike, which was expected to disrupt banking operations across the country, has been deferred in light of positive assurances from the Finance Ministry and other stakeholders.
Background of the Strike
The strike was called by the UFBU, an umbrella organization representing nine major bank unions, including the All India Bank Employees Association (AIBEA), All India Bank Officers’ Association (AIBOA), and the National Confederation of Bank Employees (NCBE).
The unions had raised several demands, including:
- Implementation of a five-day work week.
- Adequate recruitment across all cadres.
- Withdrawal of recent directives on performance-linked incentives (PLI).
- Stronger laws to prevent attacks on bank employees.
- Amendments to the Gratuity Act to increase the ceiling to ₹25 lakh.
The strike was initially planned to coincide with the financial year-end, a critical period for banking operations.
It was expected to cause widespread disruptions, including delays in cash transactions, cheque processing, remittances, and loan approvals.
Conciliation Talks and Assurances
The decision to postpone the strike was made during a conciliation meeting chaired by the Chief Labour Commissioner.
Representatives from the IBA and DFS participated in the discussions, with the DFS joint secretary joining virtually.
The meeting focused on addressing the unions’ key concerns, including the implementation of a five-day work week and recruitment policies.
The Finance Ministry assured the unions that their demands would be thoroughly deliberated upon.
The IBA also proposed further discussions on matters such as recruitment and PLI.
The Chief Labour Commissioner committed to monitoring the implementation of the five-day banking week. They also pledged to oversee other issues raised by the unions.
Implications of the Postponement of Bank Employee Strike
The postponement of the strike provides relief to the banking sector, especially during the financial year-end.
It ensures uninterrupted banking services, which are crucial for businesses and individuals alike.
However, the unions have made it clear that the strike is only deferred, not canceled, and they will continue to push for their demands in the coming months.
The UFBU has scheduled the next round of discussions for April 22, 2025. It has also requested the IBA to provide a progress report on the unions’ demands.
The unions have emphasized the need for concrete actions and have warned that they will proceed with the strike if their concerns are not addressed satisfactorily.
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