Bank unions call off three-day strike after IBA assurance on five-day work week

Regular banking operations will continue on Monday after the bank unions called off their three-day nationwide strike following an assurance from the Indian Banks' Association (IBA) on their demands for a five-day work week and other issues. 

The strike, scheduled from Monday until September 30, was called by the United Forum of Bank Unions (UFBU).

The bank unions, late on Sunday night, called off their strike after the IBA assured them to look into their demands, including declaring all Saturdays as holidays.

"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 late on Sunday night.

At present, banks are closed on Sundays and on the second and fourth Saturdays of every month.

As regards the PLI scheme for Scale IV and above officers, the discussions can be held with the IBA to propose modifications to the scheme to the government to address the observations of the unions/associations, it said. 

The residual issues as listed in the minutes dated March 8, 2024, will be discussed between the parties for expeditious resolution, it said.

On Sunday, public sector banks and regional rural banks were kept open in order to reduce customer inconvenience in view of the three-day strike call.