Bank customers can breathe a sigh of relief as the proposed three-day bank strike from September 28 to 30 has been deferred. The United Forum of Bank Unions (UFBU) took the decision after reaching an understanding with the Indian Banks’ Association (IBA) late on Sunday, September 27.
This means bank branches are expected to function normally during the previously announced strike period. Customers who were worried about delays in cash withdrawals, deposits and other branch-related services can continue with their banking work as usual.
The decision is particularly important because September 30 marks the half-yearly closing period for banks. The proposed strike had raised concerns about disruptions at a time when banks typically handle several important financial and accounting activities.
Why was the bank strike deferred?
The unions had planned the strike mainly over their long-standing demand for a five-day banking week. They want Saturdays and Sundays to be weekly holidays for bank employees.
After Sunday’s meeting, the IBA and UFBU agreed to form a high-level committee to examine the demand for declaring the remaining Saturdays as holidays. The committee will look at different options and consult stakeholders, including customers, before working towards a possible solution.
The two sides will also discuss the Performance Linked Incentive (PLI) scheme applicable to Scale IV and above officers. Other pending issues mentioned in the March 8, 2024 minutes will also be taken up for discussion.
Earlier, the proposed bank strike had prompted banks to advise customers to complete important transactions in advance. The government had also taken steps to reduce the impact, including keeping public sector banks and regional rural banks open on Sunday, September 27.
What should bank customers know?
For now, branches are expected to remain operational from September 28 to 30. However, customers should still check their individual bank’s latest advisory, particularly for services that may have separate processing timelines.
Digital banking services such as internet banking, mobile banking, UPI and ATMs can also be used for routine transactions.
Looking ahead, October 2 is a nationwide holiday for Gandhi Jayanti. October 3 is the first Saturday of the month, when banks are scheduled to remain open under the existing banking calendar. State-specific holidays may vary, so customers should check the holiday list applicable to their location.
