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<\/figure>\n\n\n\nThe development means bank branches will function normally on Monday, September 28, avoiding the disruption that millions of customers had been preparing for.<\/p>\n\n\n\n
Strike Deferred After 9:30 PM Meeting<\/strong><\/p>\n\n\n\n Representatives of the United Forum of Bank Unions and the Indian Banks’ Association met at around 9:30 pm on September 27 to discuss the unions’ demands.<\/p>\n\n\n\n Following the meeting, the UFBU announced that the planned strike and other agitation programmes would be deferred.<\/p>\n\n\n\n The strike had been scheduled to coincide with the half-yearly closing of banks on September 30, which could have caused significant disruption to branch-level services and financial operations.<\/p>\n\n\n\n Five-Day Banking Week To Be Discussed<\/strong><\/p>\n\n\n\n The main issue behind the proposed strike was the demand to make all Saturdays holidays for bank employees.<\/p>\n\n\n\n A high-level committee comprising representatives of the IBA and UFBU will now be formed to examine the proposal.<\/p>\n\n\n\n The committee will consider different options, consult stakeholders and work towards a solution that also takes customer requirements into account.<\/p>\n\n\n\n However, the latest agreement does not mean that banks have immediately adopted a five-day working week.<\/p>\n\n\n\n At present, bank branches are generally closed on the second and fourth Saturdays, while other Saturdays remain working days.<\/p>\n\n\n\n PLI Scheme Also On The Table<\/strong><\/p>\n\n\n\n The two sides also agreed to begin discussions on the Performance Linked Incentive scheme applicable to Scale IV and above officers.<\/p>\n\n\n\n The IBA will consider possible modifications to the scheme and put forward proposals to the government to address concerns raised by bank unions and officers’ associations.<\/p>\n\n\n\n Other pending issues listed in the minutes of the March 8, 2024 discussions will also be taken up for resolution.<\/p>\n\n\n\n Banks To Open Normally On Monday<\/strong><\/p>\n\n\n\n With the strike deferred, customers do not need to expect the three-day disruption that had been announced earlier.<\/p>\n\n\n\n Bank employees have been instructed to resume normal duties from September 28.<\/p>\n\n\n\n The government had already taken several precautionary measures because of the proposed strike, including allowing Public Sector Banks and Regional Rural Banks to operate on Sunday, September 27.<\/p>\n\n\n\n That special Sunday opening was intended to give customers an additional opportunity to complete important transactions before the planned strike.<\/p>\n\n\n\n