Bank Unions Defer Nationwide Strike After IBA Agreement

The United Forum of Bank Unions deferred a planned three-day nationwide strike scheduled for September 28 to 30 following a late-night meeting with the Indian Banks Association on September 27. The decision prevents disruptions during the critical half-yearly closing period for banks on September 30.

As part of the agreement, the two parties will form a high-level committee to evaluate the demand for a five-day banking week, which would designate all Saturdays as holidays. The Indian Banks Association also agreed to discuss modifications to the Performance Linked Incentive scheme for officers and address pending issues from a March 2024 settlement.

Prior to the agreement, the government and the Reserve Bank of India had directed public sector banks to remain open on Sunday to mitigate potential service interruptions. The unions had previously held a one-day strike on September 11 and had threatened an indefinite strike starting October 26 if their demands were not met.