3-day bank strike deferred after late-night talks between IBA and UFBU

The three-day nationwide bank strike planned from September 28 to 30 has been deferred after the United Forum of Bank Unions (UFBU) and the Indian Banks' Association (IBA) reached an understanding on Sunday night.

The UFBU said the decision followed a meeting between the two sides at 9:30 pm on Sunday.

"Understandings reached with IBA, strike action and agitation deferred," the UFBU said in a late-night statement.

The UFBU had called the three-day strike from Monday, September 28, to Wednesday, September 30.

As part of the understanding, a high-level committee of the IBA and UFBU will be formed immediately to discuss the demand to declare the remaining Saturdays as holidays.

The committee will explore possible alternatives, consult all stakeholders and work towards a solution acceptable to all stakeholders, "and, more importantly, the customers", the UFBU said.

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PLI scheme for senior officers

The two sides will also discuss the Performance Linked Incentive (PLI) scheme for officers in Scale IV and above.

According to the UFBU, discussions can begin with the IBA proposing modifications to the government in the scheme to address the observations raised by unions and associations.

The remaining issues listed in the minutes dated March 8, 2024, will also be discussed between the two sides for an "expeditious resolution".

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

The bank unions had called the strike to press for the implementation of a five-day banking week, under which all Saturdays would be holidays.

Currently, banks are closed only on the second and fourth Saturdays. The unions said the five-day week had been agreed upon with the Indian Banks’ Association during the March 2024 wage settlement, but was still awaiting government approval.

UFBU had also raised objections to the revised PLI scheme for senior officers and sought resolution of other pending issues from the 2024 settlement.