The proposed bank strike from September 28 to 30 has been postponed for the time being, due to which banks are expected to open normally on Monday. It has been agreed to form a high-level committee to consider the 5-day banking week.
This nationwide strike was announced by the United Forum of Bank Unions i.e. UFBU. But after the talks between Indian Banks Association i.e. IBA and UFBU on Sunday night, it was decided to withdraw the proposed strike. The most important consensus in this conversation was on the demand for a 5-day banking week, on which it has been agreed to immediately form a high-level committee. After this, UFBU has also postponed its remaining proposed activities for the time being.
Will banks remain closed every Saturday now?
The biggest question in the minds of customers is whether banks will now have a holiday every Saturday. The answer to this is currently no, because the 5-day banking week has not yet been implemented. Even now, only the second and fourth Saturdays of every month remain closed in banks, whereas banks work normally on other Saturdays. The new joint committee will consider the option of declaring every Saturday a holiday, and it has also been said to take advice from customers and other concerned parties. However, no fixed time limit has been given for when the committee will give its recommendations, hence for now the banks will continue to work as per the existing system.
Other demands were also discussed
The talks between the two sides were not limited to just the 5-day banking week. It has also been agreed to discuss the performance-linked incentive scheme for officers in Scale IV and above. IBA will propose changes in this scheme to the government, so that the objections of the unions can be removed. Let us tell you that UFBU had called this strike mainly due to the demand of declaring holiday in banks on every Saturday, which according to the unions has been under discussion for more than two years. However, government sources say that no consensus was reached on this in the last wage negotiation.
Why were banks open on 27th September?
In view of the fear of strike, public sector banks and regional rural banks were asked to open their branches on Sunday, September 27, so that customers can get an additional opportunity to complete important work before the strike.
Crisis averted for now, but controversy remains
The timing of this strike was very important for the banks in view of the half yearly closing on 30th September. The Finance Ministry had also earlier warned that banking services could be affected due to this, but due to the postponement of the strike, this fear has reduced for the time being. However, all the issues between the bank unions and the IBA have not been completely resolved, and a proposal has been made for an indefinite strike from October 26 if the demands are not met.