Banking Operations May Remain Affected on March 24 & 25; Unions Call for Nationwide Strike

The United Forum of Bank Unions (UFBU) will be observing a two-day strike on March 24 and 25. Their key demands include better recruitment across all cadres, initiation of permanent status for temporary employees and implementation of a five-day work week in the banking sector.

UFBU, an umbrella body of nine bank unions, announced the strike on Thursday (March 13), citing unsuccessful discussions with the Indian Banks’ Association (IBA) over key demands.

Let’s have a look at the key issues behind the strike

1. Recruitment in all cadres to address staff shortages.

2. Filling of workmen and officer director posts in public sector banks.

3. Withdrawal of performance review and incentive directives issued by the Ministry of Finance’s Department of Financial Services (DFS). Unions claim that this threatens job security.

4. Opposition to “micro-management” by the DFS, arguing that excessive intervention undermines the autonomy of bank boards.

5. Amendments to the Gratuity Act, seeking an increase in the ceiling to ₹25 lakh, aligning it with government employees’ benefits.

6. Exemption of gratuity from income tax.

Who is a part of the UBFU?

UFBU includes nine major bank employees’ unions, namely

1. All India Bank Employees Association (AIBEA)

2. All India Bank Officers’ Confederation (AIBOC)

3. National Confederation of Bank Employees (NCBE)

4. All India Bank Officers’ Association (AIBOA)

5. Bank Employees Federation of India (BEFI)

6. Indian National Bank Employees Congress (INBEC)

7. Indian National Bank Officers’ Congress (INBOC)

8. National Organisation of Bank Workers (NOBW)

9. National Organisation of Bank Officers (NOBO)

As discussions have failed to come out with a solution, UFBU said that the strike will proceed as scheduled. This can also disrupt operations nationwide.