Good news! No bank strike today after 9.30 meeting yesterday; top 4 takeaways from AIBA-UFBU discussion — Full details

The strike was called to demand a five-day work week for bank employees and reforms related to performance-linked incentive (PLI), among other demands.

The key bank strike, scheduled for September 28 to September 30, was deferred following the meeting between the Indian Banks' Association (IBA) and the United Forum of Bank Unions (UFBU) on Sunday.

The strike was called to demand a five-day work week for bank employees and reforms related to performance-linked incentive (PLI), among other demands.

The union held a one-day strike on September 11, and had planned a planned another strike for three continuous days — 28, 29 and 30 September. In the wake of the protest, it was warned that if their demands were not resolved, an indefinite nationwide strike would begin on October 26.

Quick answers to key questions

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QUESTIONS

The bank strike was called to demand a five-day work week for bank employees and address various reforms related to the performance-linked incentive (PLI) scheme.

The meeting resulted in the formation of a high-level committee to discuss declaring remaining Saturdays as holidays and initiating discussions about modifications to the PLI scheme.

The agreement for a five-day work week was signed over two and a half years ago, formalized through the 12th Bipartite Settlement on March 8, 2024.

If their demands are unresolved, the unions have warned that an indefinite nationwide strike will begin on October 26.

The bank unions are seeking to declare all Saturdays as holidays, converting the existing practice of having the first, third, and fifth Saturdays as working days.

However, just a day before the planned strike, the UFBU announced that the "proposed agitational programmes and strike actions will be deferred..."

The decision came after a meeting between the Indian Banks' Association (IBA) and the UFBU at 9:30 pm on Sunday.

Here are four takeaways from the meeting:

After due deliberations between the IBA and the UFBU, it was decided that:

A. A high-level committee of IBA and UFBU will be formed immediately to deliberate on the issue of declaring the remaining Saturdays as holidays. This committee will explore, all possible alternatives; discuss with all stakeholders, and work out a solution acceptable to all stakeholders and, more importantly, the customers.

B. As regards the PLI Scheme for Scale IV and above officers, the discussions can start with IBA to propose modifications to the Government in the scheme to address the observations of the Unions/ Associations.

C. The residual issues as listed in the minutes dated 8.3.2024 will be discussed between the parties for expeditious resolution.

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

Key demands of bank unions

Working President of All India Bank Officers' Confederation (AIBOC), Shiv Shankar Singh, said earlier, “Our continuous demand has been for a 5-day work week in banking. The 12th Bipartite Settlement, which was signed on March 8, 2024, along with nine joint notes, was executed between the IBA (on behalf of the government) and UFBU.”

“The provision for 5-day banking was part of that agreement. It has been over two and a half years now, yet it has not been implemented, even though it should have been put into effect immediately. We are against the government, we are government employees,” he said.

"All 12 Public Sector Banks (PSBs) are Government of India undertakings, and we are its employees. We implement every single initiative of the government, but unfortunately, the government needs to reflect on this as well...," he added.

About the Author

Akriti Anand is a Deputy Chief Content Producer at LiveMint. She is a digital journalist with more than six years in the news industry.<br><br> In her current role, she covers both national and international politics, and also keeps a close watch on the latest trends in science and space exploration. <br><br> Akriti joined the LiveMint team in October 2023. Before this, she built a strong career at other major media houses. She worked as a senior sub-editor at India Today. Later, she moved to CNBCTV-18. There, she covered high-pressure topics like breaking news and major elections. She spent much of her time analysing Parliament bills and complex political debates. She is also a skilled editor who knows how to polish a story for a digital audience. <br><br> One of her career highlights happened at CNBCTV-18. She made her first television debut during the Chandrayaan-3 mission. She also provided special on-air coverage for the Karnataka Elections. <br><br> When she is not busy with breaking news, Akriti loves to write explainers and interview experts on a wide range of issues. She also enjoys making complex space missions easy for everyone to understand. <br><br> Her education helps her tackle these diverse subjects. She holds a BA in English Literature, a Postgraduate Diploma in Mass Communication, and a Master’s degree in Development Studies. She is currently expanding her knowledge in climate journalism.<br><br> Connect with Akriti here<br> LinkedIn: <a href="https://www.linkedin.com/in/akriti-anand-868285199">https://www.linkedin.com/in/akriti-anand-868285199</a><br> Twitter/X: <a href="https://x.com/AkritiAnand7">https://x.com/AkritiAnand7</a><br> Email: akriti.anand@htdigital.in

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