NEW DELHI (RAJEEV SHARMA): Bank employees will report for duty as scheduled after unions decided to defer their proposed three-day nationwide strike following assurances from the Indian Banks Association (IBA) on several pending demands.
The strike, which was scheduled to begin on Monday, had been called by the United Forum of Bank Unions (UFBU) and was set to coincide with the half-yearly closing of banks.
A key issue raised by the unions is the demand for a five-day working week, with Saturdays being declared holidays. Following discussions with the IBA, it was agreed that a high-level committee comprising representatives of both sides would be constituted to examine the matter.
According to the UFBU, the committee will consider different options and consult stakeholders before working towards a solution that also takes into account the interests of bank customers.
The two sides also agreed to hold discussions on the Performance Linked Incentive (PLI) scheme applicable to Scale IV and above officers. The unions have raised concerns over certain aspects of the scheme, and the IBA is expected to examine possible changes before making proposals to the government.
Several other pending matters will also be taken up for discussion. The UFBU said issues listed in the minutes of the meeting held on March 8, 2024, would be considered with the aim of resolving them at the earliest.
Following these assurances, the UFBU decided to put its planned agitation and strike action on hold.
The development means banking operations will continue normally on Monday, avoiding a disruption at a time when financial institutions are dealing with their half-yearly closing-related work.
The unions, however, will continue discussions with the IBA on the outstanding demands, particularly the proposal for a five-day banking week.
