Nationwide strike hits PSU banks, private banks working normally

Public sector banks across India have shut their doors this Tuesday, January 27, as the United Forum of Bank Unions (UFBU) executes a massive nationwide strike. The protest follows the collapse of conciliation talks with the Chief Labour Commissioner, leaving nine major unions with no alternative but to stop work. The strike centers on a singular, non-negotiable demand: the immediate implementation of a five-day workweek, a reform bank employees claim has been delayed despite prior agreements.

In sharp contrast, major private sector lenders such as HDFC Bank, ICICI Bank, and Axis Bank are functioning normally. Since these institutions are not part of the UFBU's strike call, their branch operations and staff are unaffected. This has created a bifurcated banking landscape today, where customers of government-owned banks find themselves locked out of physical branches, while private bank customers continue their transactions without interruption.

The timing of the strike has exacerbated the inconvenience for the public, coming immediately after the Sunday and Republic Day holidays. This marks the third consecutive day that public sector branch services, including cheque clearances and cash deposits, have been unavailable. While SBI and other major PSU lenders have deployed contingency measures, the heavy participation of over 8,00,000 employees has effectively paralyzed counter-based services and administrative functions nationwide.

Despite the chaos at the branches, the digital backbone of the country remains resilient. UPI, mobile banking, and internet banking services are operational across all platforms, including the striking banks. However, bank officials warn that ATM cash availability is suffering from localized shortages as the strike prevents the routine logistical replenishment of machines. The UFBU has stated that this movement is a "human necessity" to bring banking in line with other government departments that already enjoy a five-day schedule.