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The United Forum of Bank Unions (UFBU), that claims to represent more than 90 per cent of the banking workforce, announced a series of strikes over unresolved issues related to the five-day banking week and the government’s revised Performance Linked Incentive (PLI) scheme. First the UFBU called for a one-day strike on September 11, then by a three-day strike from September 28 to 30.
Why did bank unions call for strike?
The UFBU said if the demands are not addressed, the unions have announced an indefinite strike from October 26, 2026. Notably, the forum comprises seven banking unions — AIBEA, AIBOC, NCBE, AIBOA, BEFI, INBOC and INBEF — and represents workers across public sector, private, foreign, regional rural and cooperative banks.
What are their key demands?
The bank unions have raised four key demands such as implementation of the five-day banking week, withdrawal of the government’s Performance Linked Incentive scheme, modification of the incentive scheme through bilateral discussions, and resolution of pending residual issues.
The bank union’s demand for a five-day banking week has been pending for several years. The unions said the banks agreed in principle to move towards a five-day week in 2015, when the second and fourth Saturdays were declared holidays. However, the issue was revisited in 2020 and later formalised through the wage settlement signed on March 8, 2024.
As part of the arrangement, bank employees agreed to work an additional 40 minutes every day from Monday to Friday in return for all Saturdays being declared holidays. In this regards, the unions said the agreement was recommended to the Finance Ministry more than two years ago but is still awaiting government approval.
The bank union argued that five-day working weeks are already followed by institutions including the Reserve Bank of India, LIC, GIC and NABARD, along with other government and private institutions. They said customer service hours would not be affected as employees have agreed to longer working hours from Monday to Friday.
Will banks remain closed today?
Because of the bank strike across the country, the banking services are likely to be affected in most of the country on Friday. If the bank strike becomes effective, the banking services, particularly in public sector banks, could be affected for four days in several parts of the country. September 11 comes on a Friday, followed by bank holidays on Second Saturday and Sunday. September 14 is also a holiday in some States on account of Ganesh Chaturthi.
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