Mumbai: The United Forum of Bank Unions (UFBU) has withdrawn its planned two-day strike originally scheduled for Monday, March 24, and Tuesday, March 25. As a result, banking services will function normally on these dates. The decision to call off the strike came after the Finance Ministry and the Indian Banks' Association (IBA) assured union representatives that their demands would be reviewed.
Government and IBA Intervene to Resolve Issues
The Chief Labour Commissioner facilitated discussions with all stakeholders on Friday, March 21. The strike had been planned to push for better recruitment policies, the regularization of temporary staff, and the introduction of a five-day workweek for banks. During the meeting, the IBA committed to further discussions on hiring practices and performance-linked incentives. Additionally, the Chief Labour Commissioner assured that the proposal for a five-day banking workweek would be closely monitored.
What This Means for Customers
With the strike being called off, all banks will remain open and operate as per normal working hours on March 24 and 25. As per existing rules, banks in India are closed on the second and fourth Saturdays of the month, Sundays, and designated state and national holidays.
Upcoming Bank Holidays in March
Although banks will be operational on March 24 and 25, some regional holidays will impact banking services in specific states:
March 27 (Thursday): Banks in Jammu and Kashmir will be closed for Shab-E-Qadr.
March 28 (Friday): Jammu and Kashmir banks will observe a holiday for Jumat-ul-Vida, the last Friday of Ramadan.
March 31 (Monday): Eid-ul-Fitr will be a public holiday across all states and Union Territories, except Mizoram and Himachal Pradesh.
Who is Part of the UFBU?
The United Forum of Bank Unions (UFBU) represents nine major bank employee organizations, including:
- All India Bank Employees Association (AIBEA)
- All India Bank Officers’ Confederation (AIBOC)
- National Confederation of Bank Employees (NCBE)
- All India Bank Officers’ Association (AIBOA)
- Bank Employees Federation of India (BEFI)
- Indian National Bank Employees Congress (INBEC)
- Indian National Bank Officers’ Congress (INBOC)
- National Organisation of Bank Workers (NOBW)
- National Organisation of Bank Officers (NOBO)
With continued discussions between the unions and authorities, further updates on key demands like the five-day workweek are expected in the coming months.
