India’s bank unions have deferred their planned three-day nationwide strike following reassurances from the Indian Banks’ Association, allowing negotiations around a five-day workweek and Saturday holidays to continue without service disruptions.
Bank unions in India have deferred a three-day nationwide strike planned for Monday after the Indian Banks’ Association assured them that their demands, including a move towards a five-day working week, would be examined further. The decision means bank branches are set to operate as normal on Monday, easing immediate concerns for customers and for lenders preparing for the half-yearly closing.
The United Forum of Bank Unions said a high-level committee made up of representatives from the IBA and the union body will be formed at once to consider the request to keep the remaining Saturdays as holidays. According to the unions, the panel will look at different options, consult all stakeholders and try to reach a solution that is acceptable to customers as well as employees.
The UFBU also said discussions on the performance-linked incentive scheme for Scale IV officers and above can continue with the IBA, with any proposed changes to be taken to the government. It added that other unresolved matters listed in minutes from March 8, 2024, will be taken up for quicker resolution.
The strike had been called for September 28 to 30, and the postponement removes a potential disruption at a time when banks are busy with quarter-end and half-yearly work. The development comes after a series of talks between the union umbrella body and the IBA, with the latest understanding allowing both sides more time to negotiate without shutting down banking services.
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