Banking services hit as unions strike for 5-day workweek

Banking services, especially at public sector banks across the country, were impacted on Friday after the United Forum of Bank Unions (UFBU) called a nationwide strike to press for the immediate implementation of a five-day workweek and resolve pending wage-related issues.

The strike call given by the UFBU, an umbrella body of seven unions representing 90 per cent of officer and employee strength, did not impact the functioning of private sector banks.

Most branches of public sector banks across the country were either completely or partially closed as both employees and officers observed the strike.

Services such as cash deposits, withdrawals, cheque clearances, and administrative work were hit at branches of most public sector banks (PSBs) and some old-generation private sector banks.

However, digital banking services, including UPI and internet banking, were functional. “Since there was no positive outcome and the Government did not agree to our demand, this strike is forced on us. Bank employees and officers are highly aggrieved that they alone are being discriminated against,” the All India Bank Employees Association (AIBEA), a constituent of UFBU, general secretary C H Venkatachalam told PTI.

Meanwhile, most public sector banks have informed their customers of the likely impact of the strike on operations. In an advisory to customers, SBI had said, “We advise that while the bank has made all necessary arrangements to ensure normal functioning of the branches and offices on the days of strike, it is likely that work in banks may be impacted by the strike”.

The unions are demanding the declaration of all Saturdays as holidays, a key point that was reportedly agreed upon during the 12th Bipartite Settlement signed with the Indian Banks’ Association (IBA) in March 2024 but is awaiting Government notification.

Currently, banks remain open on the first, third, and fifth Saturdays of the month.

The other residual demands, including updation and improvement of pension, a uniform dearness allowance formula for all pensioners and an option for employees covered under the National Pension System (NPS) to switch to the Old Pension Scheme (OPS), also remained unresolved.