The proposed 3-day nationwide bank strike from September 28 to 30 has been deferred after the Indian Banks’ Association (IBA) and the United Forum of Bank Unions (UFBU) reached an understanding on several long-pending demands.
The decision followed a meeting between the IBA and UFBU on September 27. The understanding covers the demand for holidays on all Saturdays, changes to the Performance Linked Incentive (PLI) scheme for Scale IV and above officers, and other issues pending from discussions held on March 8, 2024.
However, the agreement does not immediately introduce a 5-day banking week or settle the PLI issue. Instead, both sides have agreed to continue discussions through a new high-level committee and other consultations.
On the demand for Saturday holidays, the IBA and UFBU will form a high-level committee immediately. The committee will examine the possibility of declaring the remaining Saturdays as holidays and consider “all possible alternatives”.
It will also consult stakeholders, including bank customers, before working towards a solution that can be accepted by the parties involved.
Currently, banks remain closed on the 2nd and 4th Saturdays of each month. The latest understanding does not alter the existing holiday arrangement.
The demand for a 5-day banking week has been a major issue raised by bank unions. While the government had earlier kept the PLI scheme in abeyance following discussions with unions, the question of extending Saturday holidays has remained unresolved.
The PLI scheme for Scale IV and above officers is another key issue covered by the latest understanding. The IBA and unions can now begin discussions on possible modifications to the scheme.
Any proposed changes would subsequently be placed before the government while taking into account concerns raised by unions and associations. This means the latest development begins a review process rather than introducing a revised PLI structure immediately.
The IBA and UFBU have also agreed to discuss other pending matters listed in the minutes of the March 8, 2024 discussions, with the objective of resolving them at the earliest.
Following the understanding, the UFBU has deferred the planned nationwide strike and other agitation programmes.
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