The United Forum of Bank Unions (UFBU) has called for a nationwide bank strike on March 24 and 25 after negotiations with the Indian Banks’ Association (IBA) fell through. According to a PTI report, the IBA failed to address key demands raised by the union, prompting the UFBU to move forward with the strike, which had been previously warned. The coalition of nine bank unions, announced the decision on March 13 after negotiations with the Indian Banks’ Association (IBA) failed to yield a resolution on key concerns.
Key Demands Behind The Strikes
The coalition of nine bank unions highlighted several pressing issues that remain unresolved despite multiple rounds of discussions with the Indian Banks’ Association (IBA). The major demand they had put forward is a five-day work week for the banking sector and urgent recruitment across all cadres to manage workload efficiently. They also demand appointments of workmen and officer directors in public sector banks. The other demand that they are asking is for the withdrawal of new performance reviews and incentive policies introduced by the Ministry of Finance’s Department of Financial Services (DFS)- They argue that these measures put employees’ job security at risk and create uncertainty in the workplace.
Will The Banks Remain Closed On March 24 And 25?
Banks with strong union representation are expected to be significantly impacted by the strike. The United Forum of Bank Unions (UFBU) represents nine major bank employee unions, including All India Bank Employees Association (AIBEA), All India Bank Officers’ Confederation (AIBOC), National Confederation of Bank Employees (NCBE), All India Bank Officers’ Association (AIBOA), Bank Employees Federation of India (BEFI), Indian National Bank Employees Congress (INBEC), Indian National Bank Officers’ Congress (INBOC).
Bank Holiday Schedule
Bank customers should prepare for an extended weekend closure next week due to a combination of scheduled holidays and the nationwide bank workers’ strike. List Of Holidays Below:
March 22 (Saturday): Being the fourth Saturday of the month, it is already a designated holiday for all public and private banks as per Reserve Bank of India (RBI) guidelines
March 23 (Sunday): A nationwide bank holiday as usual
March 24-25 (Monday & Tuesday): The United Forum of Bank Unions (UFBU) has called for a nationwide strike, further extending the closure.
With banks set to remain shut for four consecutive days, customers are advised to plan their banking transactions in advance. It is recommended to check with your nearest bank branch for any additional local variations in the schedule.
