Daijiworld Media Network - New Delhi

New Delhi, Sep 28: Bank unions have deferred their proposed three-day nationwide strike after the Indian Banks’ Association (IBA) gave assurances on key demands, including the implementation of a five-day banking week.

The strike, called by the United Forum of Bank Unions (UFBU), was scheduled from Monday, September 28 to Wednesday, September 30 and was expected to coincide with the half-yearly closing of banks. With the strike deferred, banks will function normally on Monday.

The decision followed a late-night meeting between the IBA and UFBU on Sunday. As part of the understanding reached between the two sides, a high-level committee comprising representatives of the IBA and UFBU will be formed immediately to deliberate on the demand to declare the remaining Saturdays as holidays.

According to the UFBU, the committee will examine all possible alternatives, consult stakeholders and work towards a solution acceptable to all parties, particularly bank customers. At present, banks observe holidays on the second and fourth Saturdays of each month.

The two sides will also hold discussions on the Performance Linked Incentive (PLI) scheme applicable to Scale IV and above officers. The discussions could lead to proposed modifications to the scheme, which may subsequently be taken up with the government to address concerns raised by unions and associations.

The residual issues mentioned in the minutes of discussions held on March 8, 2024, will also be taken up by the IBA and UFBU for an early resolution.

"In view of the above, it was agreed by the UFBU that the proposed agitational programmes and strike actions will be deferred," the union body said.

The proposed strike had been part of the unions' continuing agitation over the five-day banking week and other pending issues. The development means branch banking services will not face the disruption that had been anticipated from September 28 to 30, particularly during the half-yearly closing period.