Summary of this article
Finance Ministry will meet bank chiefs over strike preparations.
UFBU plans nationwide three-day bank strike from September 28.
Strike may disrupt services around half-yearly banking closure.
The Finance Ministry has called a meeting of chief executives of public sector banks (PSBs) and regional rural banks (RRBs) on September 21 to review arrangements for banking operations during a proposed three-day nationwide strike.
The United Forum of Bank Unions (UFBU) has called the strike from September 28 to demand a five-day work week and press for other pending demands. Banking services could face disruption for five consecutive days, as the strike immediately follows a weekend.
The proposed strike also falls close to the half-yearly closing of bank accounts, when banks typically handle a higher volume of transactions and accounting work.
Finance Ministry To Discuss Contingency Measures
The meeting will be chaired by the Secretary of the Department of Financial Services (DFS). Chief executives of PSBs and RRBs have been asked to attend, according to a communication sent to the banks.
Discussions are likely to focus on contingency measures for the strike period. The government is examining ways to minimise disruption to banking operations and ensure that customers retain access to essential services.
Banks may also review services that require customers to visit branches. Digital banking channels are likely to remain available, although transactions requiring in-person assistance could be affected during the strike.
Bank Unions Press For Five-Day Work Week
The UFBU has been demanding a five-day work week, along with several changes concerning bank employees and pensioners. Unions affiliated with the forum also staged a nationwide strike on September 11 over these demands.
The forum claims to represent around 90 per cent of the banking workforce. Its demands include improved pension benefits and a uniform dearness allowance formula for bank pensioners.
The unions are also seeking an option for employees covered under the National Pension System (NPS) to switch to the old pension scheme (OPS).
The strike beginning September 28 is scheduled to continue for three days. As it immediately follows a weekend, customers could face limited access to some branch-based services for five consecutive days.
The Finance Ministry’s meeting will focus on preparations for this period and ways to maintain access to essential banking facilities. The impact on individual services will depend on the contingency measures adopted by banks and the level of employee participation in the strike.
