The three-day strike by public sector banks, scheduled to begin today over the demand for a five-day work week, has been deferred. This means the nationwide strike planned for September 28, 29, and 30 will not take place for now.

This decision was reached during a meeting held late Sunday night between the Indian Banks’ Association (IBA) and the United Forum of Bank Unions (UFBU). An agreement was reached during the meeting to form a committee to address the demand regarding holidays.

The three-day nationwide strike has been called off. The United Forum of Bank Unions (UFBU) announced this late Sunday night (September 27), bringing relief to general customers.

The decision followed a meeting between the Indian Banks’ Association (IBA) and the UFBU at 9:30 PM on Sunday. During the meeting, both parties discussed the long-standing demand for making all Saturdays holidays for bank employees, as well as other issues raised by the unions.

Committee to be formed to discuss five-day work week

In a statement, the UFBU said, “A high-level committee comprising the IBA and UFBU will be constituted immediately to deliberate on the issue of declaring the remaining Saturdays as holidays. This committee will examine all possible options, consult with all stakeholders, and strive to find a solution acceptable to everyone, especially the customers.”

Talks to be held on changes to PLI scheme

The statement further mentioned that discussions could be initiated with the IBA regarding the Performance Linked Incentive (PLI) scheme for officers at Scale IV and above. It noted that a proposal to modify the scheme—addressing the objections raised by the unions and associations—could be submitted to the government. The statement said that in view of the assurance, the UFBU agreed to postpone the proposed agitation and strike.