Big relief for bank customers! September 28-30 strike deferred after talks

Confirming the development, the All India Bank Officers' Confederation (AIBOC) wrote on X: “Understanding reached. Strike deferred.”

The decision came after a meeting between the United Forum of Bank Unions (UFBU) and the IBA, during which the two sides agreed to form a high-level committee to examine the unions’ demand for a five-day banking week.

Currently, banks remain closed on the second and fourth Saturdays of every month.

“After detailed discussions, understandings have been reached and hence our agitations and strike actions are deferred. Details follow,” the UFBU said in an announcement, as quoted by The Mint.

According to UFBU key negotiator C.H. Venkatachalam, the two sides reached an understanding on three broad issues.

“On five-day banking, the IBA has agreed to form a high-level committee comprising representatives of the IBA and the United Forum. The committee will work towards finding a solution to our demand for implementation of five-day banking and will discuss the matter with all the stakeholders,” Venkatachalam, who is also the general secretary of the All India Bank Employees Association (AIBEA), told The Mint.

“Second, on performance-linked incentive (PLI), there will be discussions on the issue of the discriminatory PLI for officers, and modification of the scheme will be discussed with us. Third, the other pending issues will also be discussed with us,” he added.

The unions are demanding that banks remain closed on all Saturdays, replacing the current system under which banks are closed only on the second and fourth Saturdays of each month.