New Delhi: The United Forum of Bank Unions has deferred its planned three day nationwide bank strike following an eleventh hour meeting with the Indian Banks’ Association on Sunday night.
The strike was scheduled to begin on Monday and was expected to disrupt banking services across the country. The decision to defer the protest came after representatives of the two sides held discussions at around 9.30 pm and reached an agreement on several pending issues.
A joint committee involving the IBA and UFBU will now be formed to examine the demand for making all Saturdays bank holidays. The committee will consider different options, consult stakeholders and work towards a solution that also takes the interests of bank customers into account.
Discussions will also begin on changes to the performance linked incentive scheme applicable to officers in Scale IV and above. The issue will be taken up with the government after consultations.
The two sides further agreed to discuss other pending matters mentioned in the minutes of their March 8, 2024 meeting, with the aim of resolving them at the earliest.
The proposed strike had been backed by bank unions as part of their campaign for a five day working week. Around eight lakh bank employees and officers were expected to participate, potentially affecting more than 1.81 lakh branches across the country.
In March 2024, the IBA had agreed in principle to a five day banking week, with employees expected to compensate by working additional hours from Monday to Friday. The proposal has been awaiting government approval.
Unions had also raised objections to the existing performance linked incentive structure for senior officers. Under the scheme, Scale IV and above officers can receive incentives of up to 365 days of basic pay depending on performance, while employees and officers up to Scale III have a lower fixed ceiling.
The UFBU has now deferred its planned protests following the latest agreement, keeping the strike on hold while negotiations continue.
