Banking services will operate normally as the United Forum of Bank Unions (UFBU) has deferred its planned three-day nationwide strike following discussions with the Indian Banks’ Association (IBA). Key demands such as a five-day work week and improvements to the Performance Linked Incentive (PLI) scheme will be discussed by a newly formed high-level committee. This committee will explore solutions for making remaining Saturdays holidays and address residual issues, aiming for resolutions acceptable to all stakeholders, particularly customers. The deferral averts disruption to public and private sector banks and regional rural banks, though the UFBU has warned of future indefinite strike action if demands are not met.

Banking services will operate normally as the United Forum of Bank Unions (UFBU) has deferred its planned three-day nationwide strike following discussions with the Indian Banks’ Association (IBA). Key demands such as a five-day work week and improvements to the Performance Linked Incentive (PLI) scheme will be discussed by a newly formed high-level committee. This committee will explore solutions for making remaining Saturdays holidays and address residual issues, aiming for resolutions acceptable to all stakeholders, particularly customers. The deferral averts disruption to public and private sector banks and regional rural banks, though the UFBU has warned of future indefinite strike action if demands are not met.

Banking services will operate normally as the United Forum of Bank Unions (UFBU) has deferred its planned three-day nationwide strike following discussions with the Indian Banks’ Association (IBA). Key demands such as a five-day work week and improvements to the Performance Linked Incentive (PLI) scheme will be discussed by a newly formed high-level committee. This committee will explore solutions for making remaining Saturdays holidays and address residual issues, aiming for resolutions acceptable to all stakeholders, particularly customers. The deferral averts disruption to public and private sector banks and regional rural banks, though the UFBU has warned of future indefinite strike action if demands are not met.

Banking services will function normally today after the United Forum of Bank Unions (UFBU) deferred its planned three-day nationwide strike following a late-night meeting with the Indian Banks’ Association (IBA).

The UFBU had called the strike from September 28 to 30, coinciding with the half-yearly closing of banks, to press for several demands, including a five-day work week.

In a circular issued late on Sunday, the unions said the IBA had agreed to consider and discuss their demands.

“A high-level committee of the IBA and UFBU will be formed immediately to deliberate on the issue of declaring the remaining Saturdays as holidays. This committee will explore all possible alternatives, discuss with all the stakeholders, and work out a solution acceptable to all the stakeholders, more importantly, the customers,” the UFBU said in a statement.

On the Performance Linked Incentive (PLI) scheme for Scale IV and above officers, the two sides agreed to begin discussions, with the IBA proposing modifications to the government to address the observations raised by the unions and associations, the statement said.

The residual issues mentioned in the minutes dated March 8, 2024, will also be taken up for discussion with a view to resolving them at the earliest, it said.

“In view of the above, it was agreed by the UFBU that the proposed agitational programmes and strike actions will be deferred,” the circular stated.

The strike was expected to affect the functioning of public sector banks, old-generation private sector banks and regional rural banks for three days beginning from Monday. Several public sector banks and other institutions had already issued advisories to customers about the proposed strike and the potential disruption to services.

The unions had earlier observed a one-day nationwide strike on September 11.

The UFBU, an umbrella body representing seven bank employees’ and officers’ unions, has warned of an indefinite strike from October 26, 2026, if its demands are not addressed.

Besides a five-day work week, the unions are seeking the resolution of several other issues, including the updation and improvement of pension benefits, a uniform dearness allowance formula for all pensioners, and an option for employees covered under the National Pension System (NPS) to switch to the Old Pension Scheme (OPS).

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