Nationwide bank strike on March 24-25 called off after talks with Labour Commissioner

The two-day nationwide bank strike scheduled for March 24 and 25 has been postponed following a conciliation meeting between the United Forum of Bank Unions (UFBU) and the Central Labour Commissioner. The meeting, held on Friday, addressed key demands, including the implementation of a five-day banking week, recruitment, and performance-linked incentives (PLI). Representatives from the Indian Banks' Association (IBA) and the Department of Financial Services (DFS) were present, with the DFS joint secretary participating via video call.

In an official statement, UFBU confirmed that the discussions were productive. “The meeting was productive, and the Central Labour Commissioner assured that he would personally monitor the implementation of a five-day work week. IBA has also proposed further discussions on recruitment, PLI, and other concerns. Given these positive developments, we have decided to postpone the strike for a month or two,” the UFBU said. The next round of discussions is scheduled for the third week of April.

The strike was expected to cause significant disruptions in banking services from March 22 to March 25, as March 23 is a scheduled bank holiday. If the strike had proceeded, it would have resulted in a four-day shutdown impacting cash transactions, cheque processing, remittances, and loan approvals across public, private, foreign, cooperative, and regional rural banks.

UFBU, an umbrella body of nine bank unions representing over eight lakh employees, has been pushing for a five-day work week and adequate recruitment to reduce the workload on existing employees. The unions have also demanded the regularization of temporary workers and the withdrawal of recent government directives on performance reviews and the PLI scheme, which they argue create divisions among employees and impact job security.

With the strike now postponed, UFBU and IBA will continue discussions on these unresolved issues in April. The outcome of these talks will determine whether the unions proceed with their protest or reach an agreement with the authorities.