Bank Strike: A nationwide bank strike is set to take place on March 24 and 25, led by the United Forum of Bank Unions (UFBU). This comes after talks with the Indian Banks’ Association (IBA) failed. The strike is expected to affect banking services across public, private, and regional rural banks, potentially causing four days of disruption due to the bank holidays on March 22 and 23.
Bank Strike: Which Banking Services Will Be Affected?
Banking services such as cash transactions, clearing house, remittances, and advances will be disrupted for four days, starting from March 22. However, ATM and online banking services will remain operational, though delays in larger or time-sensitive transactions may occur. Customers are advised to plan their banking activities accordingly.
What Is UFBU and What Are Their Demands?
The UFBU is an umbrella organization representing nine bank unions with over eight lakh employees from public sector, private sector, foreign, cooperative, and regional rural banks. Some of the major unions under UFBU include the All India Bank Employees Association (AIBEA), All India Bank Officers’ Confederation (AIBOC), and National Confederation of Bank Employees (NCBE). (Also read: Finance Minister Slams Tamil Nadu for Dropping Rupee Symbol – A Bold Move or Dangerous Message?)
The unions are demanding:
- Adequate recruitment in all positions
- Regularization of temporary employees
- Implementation of a 5-day workweek for banking employees
- Immediate withdrawal of performance review directives
- Ensuring the safety of bank staff from public assault or abuse
- Filling vacant posts of officers and workmen in public sector banks (PSBs)
- Resolving pending issues with IBA
- Amending the Gratuity Act to increase the ceiling to ₹25 lakh, with tax exemptions
- Ensuring a minimum of 51% equity in IDBI Bank by the government
- Ending micromanagement of PSBs by the Department of Financial Services (DFS) on policy matters
- Stopping the outsourcing of permanent jobs in banks and unfair labor practices in the banking industry
Bank Strike Impact on Major Banks Like SBI, PNB, and Others
Though these banks haven’t released any official statements regarding the strike, the strike is expected to affect services in public sector, private sector, and regional rural banks. According to Pankaj Kapoor, Vice President of the All India Bank Officers’ Confederation (AIBOC), banking services, including clearing house, cash transactions, remittances, and advances, will be disrupted for four days from March 22.
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