The proposed three-day nationwide bank strike has been deferred after the Indian Banks’ Association (IBA) agreed to set up a high-level committee with the United Forum of Bank Unions (UFBU) to examine the demand for a five-day banking week.
The decision was announced by the UFBU late on Sunday, just hours before the strike was scheduled to begin on Monday. The development followed a late-night meeting between representatives of the banking unions and the IBA.
Panel to discuss five-day banking
The proposed committee will include representatives from both the IBA and the UFBU and will take up the demand for a five-day working week with other stakeholders.
“On five-day banking, the IBA has agreed to form a high-level committee comprising representatives of the IBA and the United Forum,” said UFBU key negotiator CH Venkatachalam.
“The committee will work towards finding a solution to our demand for implementation of five-day banking and will discuss the matter with all the stakeholders,” said Venkatachalam, who is also general secretary of the All India Bank Employees Association (AIBEA).
Following the discussions, the UFBU said it had decided to defer its planned agitation and strike action.
“After detailed discussions, understandings have been reached, and hence our agitations and strike actions are deferred. Details follow,” Ufbu said in the announcement.
PLI issue also on the table
The discussions between the two sides will also cover performance-linked incentive (PLI) for bank employees and officers. The unions have raised concerns over what they described as discriminatory treatment in the existing PLI arrangement for officers.
“Second, on performance-linked incentive (PLI), there will be discussions on the issue of the discriminatory PLI for officers and modification of the scheme will be discussed with us. Third, the other pending issues will also be discussed with us,” Venkatachalam said.
The exact terms and modalities agreed upon during the meeting have not yet been formally disclosed.
Strike notice was issued in August
The UFBU, an umbrella body representing seven major bank employees’ and officers’ unions, had issued a strike notice on August 26. It had subsequently announced a phased programme of industrial action.
The latest understanding between the unions and the IBA came shortly before the planned three-day strike was due to commence. Queries emailed to the finance ministry remained unanswered.