Bank Strike Cancelled: What It Means for Banking Operations
The United Forum of Bank Unions (UFBU) has decided to withdraw its planned strike for March 24-25, 2025. This decision was made following a crucial meeting with the Indian Banks' Association (IBA) and the Finance Ministry. The meeting, mediated by the Chief Labour Commissioner on March 22, resulted in a tentative agreement aimed at addressing key issues raised by bank employees.
This development assures regular banking operations on these dates, relieving customers who might have faced disruptions. Services such as branch operations, cash transactions, and remittances will function as usual. However, areas observing regional holidays might experience limited service availability.
Key Resolved and Pending Demands
The UFBU had presented several demands, and while some achieved progress, others remain under discussion. The main demands include:
- Five-day Workweek: A significant push for implementing a five-day working week in the banking sector.
- Recruitment and Regularization: There's an ongoing demand for adequate recruitment across all levels and the regularization of temporary employees.
- Withdraw Industry Directives: Union representatives seek the immediate withdrawal of recent DFS directives regarding performance-linked incentives and frequent performance reviews.
- Employee Safety: Enhanced safety measures to protect bank employees from assaults are being prioritized.
- Gratuity Act Amendment: An increase in the tax-free ceiling for gratuity to ₹25 lakh is being proposed.
- Outsourcing Restrictions: Pending issues like outsourcing restrictions continue to be a point of contention.
Despite these assurances, union leaders express caution, underscoring that if the agreements are not implemented effectively, further actions may be considered. A hearing to revisit these demands is scheduled for April 22, 2025, to evaluate whether further steps are necessary.
The strike involved major unions such as the All India Bank Employees Association (AIBEA), All India Bank Officers’ Confederation (AIBOC), National Confederation of Bank Employees (NCBE), and Bank Employees Federation of India (BEFI), encompassing a broad spectrum of bank employees across India.
For now, the resolution offers relief to customers and stakeholders who rely on uninterrupted banking services. However, the possibility of renewed union action looms if the upcoming discussions fail to deliver satisfactory outcomes.
