NEW DELHI: The proposed three-day nationwide strike by bank employees from September 28 to 30 was deferred late Sunday night following an understanding reached between the Indian Banks’ Association (IBA) and the United Forum of Bank Unions (UFBU), averting a major disruption to banking services across the country.
The decision followed a meeting between the two sides at around 9.30 pm, with the IBA agreeing to constitute a high-level committee comprising representatives of the IBA and UFBU to examine the long-pending demand for declaring all Saturdays as holidays and thereby paving the way for a five-day banking week.
The committee will examine possible alternatives and consult stakeholders before working towards a mutually acceptable solution, including keeping customers’ interests in view. The unions had also raised issues relating to the Performance Linked Incentive (PLI) scheme and other pending matters recorded during earlier discussions.
With the strike deferred, bank branches are expected to function normally from Monday. The proposed action had threatened disruption in branch-based services, particularly during the month-end and half-yearly closing period.