Bank unions have postponed the two-day nationwide bank strike scheduled for March 24 and 25. This came after these bank unions got positive assurances from the Indian Banks’ Association (IBA) and the Finance Ministry regarding their demands. Therefore, the banks across the country are opened today.
The strike was postponed after a conciliation meeting convened by the Chief Labour Commissioner. Notably, the strike was initially called by the United Forum of Bank Unions (UFBU), which represents nine bank employees’ associations. The United Forum of Bank Unions (UFBU) has demanded the immediate withdrawal of the Department of Financial Services‘ (DFS) recent directives on performance reviews and performance-linked incentives (PLI).
“IBA has proposed further discussions on recruitment, PLI, and other key issues. The Chief Labour Commissioner has assured direct monitoring of the five-day banking implementation,” General Secretary of the All India Bank Employees Association (AIBEA), CH Venkatachalam, said.
Bank Strike: What Are The Demands?
The UFBU, while calling the strike, highlighted several pressing issues that remain unresolved despite multiple rounds of discussions with the IBA. The key demands they had put forward is a 5-day work week for the banking sector and urgent recruitment across all cadres to manage workload efficiently.
Accoding to a report of PTI, the next hearing on this matter is set to take place on April 22. Furthermore, the IBA is required to submit a progress report on UFBU’s demands.
Notably, even on bank holidays, online banking, ATMs, and mobile banking continue to function. However, physical branch services cannot be carried out during the holiday.
Why Banking Employees Want 5-Day Work Week?
Banking employees believe that a 5-day work week will release the pressure from them and give them additional time with family and friends. Furthermore, this can further boost the productivity. Currently, in India, most of the financial institutions and governments follow 5-day work week.
Moreover, employees of the central government, state governments, Reserve Bank of India (RBI), Life Insurance Corporation (LIC), courts, stock exchanges, most MNCs and private companies observe 5-day work week. Therefore, banking employees’ demand seems quite adequate at this given point in time.
Banking employees are ready to compensate. To maintain hassle-free customer service, bank employees will work 40 minutes extra each day to make up for the shorter work week.
