Bank News: The United Forum of Bank Unions (UFBU) has decided to delay the planned strike scheduled for March 24 and 25, 2025, due to various factors, including the implementation of a five-day workweek. This decision aims to alleviate pressure on the banking sector as the financial year comes to a close. The postponement followed positive commitments received from the Finance Ministry and the Indian Banks’ Association (IBA) regarding the unions’ demands, which include the five-day workweek and sufficient recruitment.
Strike was initiated by UFBU
The strike was initiated by UFBU, which serves as a coalition of nine bank employees’ unions. The choice to postpone the strike was made during a conciliation meeting convened by the Chief Labour Commissioner, who brought together all involved parties.
UFBU represents over 800,000 employees and officers from various banking sectors, including public sector banks, private banks, foreign banks, cooperative banks, and regional rural banks.
Committed to addressing the concerns raised by the unions
Representatives from the IBA and the Finance Ministry have committed to addressing the concerns raised by the unions. Additionally, UFBU has called for the immediate retraction of recent directives from the Department of Financial Services (DFS) regarding performance reviews and performance-linked incentives (PLI), which jeopardize job security and foster divisions among staff.
CH Venkatachalam, General Secretary of the All India Bank Employees Association (AIBEA), stated that the IBA has expressed willingness to further discuss recruitment, PLI, and other related matters. The Chief Labour Commissioner has indicated that he will personally oversee the issues, including the implementation of the five-day banking model. AIBEA is one of the constituent members of UFBU.
Other member organizations include the All India Bank Officers Confederation (AIBOC), the National Confederation of Bank Employees (NCBE), the All India Bank Officers Association (AIBOA), and the Bank Employees Federation of India (BEFI).
The Chief Labour Commissioner has scheduled the next hearing for April 22 and has requested the IBA to provide a progress report on UFBU’s demands.