Bank unions defer three-day strike, say understanding reached with IBA

CHENNAI/NEW DELHI: After threatening to disrupt banking services, including cheque clearance, cash withdrawals and deposits, with a three-day strike beginning Monday, the bank unions have decided to defer the protest.

The United Forum of Bank Unions (UFBU), the umbrella federation of all trade unions in the sector, said the decision was taken after a late-night meeting with Indian Banks’ Association (IBA) on Sunday.

According to a statement issued by UFBU late on Sunday night, a meeting was held between its representatives and those from IBA.

Decisions taken at UFBU-IBA meeting

• A high-level committee of IBA and UFBU will be formed immediately to deliberate on the issue of declaring the remaining Saturdays as holidays. This committee will explore all possible alternatives, discuss with all stakeholders and work out a solution acceptable to all stakeholders, including, most importantly, the customers.

• As regards the PLI scheme for Scale IV and above officers, the discussions can start with IBA to propose modifications to the government in the scheme to address the observations of the unions/associations.

• The residual issues as listed in the minutes dated March 8, 2024, will be discussed between the parties for expeditious resolution.