Bank Strike: Big news for bank customers. The UFBU, a collective body representing bank employees and officers, has declared a nationwide strike set for September 11. The primary reasons behind this strike include the ongoing delay in the decision to operate banks five days a week, significant disagreements over PLI, and unresolved pension-related issues.

Should this strike take place, banking services, particularly those of public sector banks, may be disrupted for four consecutive days across various regions of the country. September 11 falls on a Friday, followed by a weekend, and many states will also see banks closed on September 14 due to Ganesh Chaturthi.

The UFBU has warned of an even larger strike in the near future. They have made it clear that if the government and bank management do not address their demands, a three-day strike will commence on September 28. This date is particularly significant as it coincides with the half-yearly audit, which could greatly affect banking operations.

Moreover, if their demands remain unmet, they have indicated the possibility of initiating an indefinite strike starting October 26. This decision was reached during a meeting on Sunday, as the unions believe the government has taken a “negative stance” towards their essential requests.

Why is there a push for banks to operate five days a week? The unions argue that the Indian Banks’ Association (IBA) had previously approved the initiative to open banks five days a week as part of the 12th Biennial Agreement on March 8, 2024. This agreement included an extension of working hours by 40 minutes from Monday to Friday.

The IBA forwarded this proposal to the government for approval, but despite the passage of over two years, the matter remains unresolved, leading to considerable frustration among employees.

What is the big controversy regarding PLI?

Another major controversy has arisen regarding the Public Interest Litigation (PLI). The government has established a separate PLI scheme for bank officers in Scale IV and above, under which they can receive a substantial reward equivalent to 365 days of their basic pay based on their personal performance. However, ordinary employees and officers up to Scale III will only receive a maximum of 15 days of basic pay and dearness allowance under this scheme.