Bank holidays next week: SBI, BoB to PNB — bank strike to hit PSU bank services on THESE days

Bank holidays next week: A nationwide bank strike, spearheaded by the United Forum of Bank Unions (UFBU), is poised to bring significant portions of India's financial sector to a standstill. The UBFU has called for a two-day strike on March 24 and 25 after discussions with the Indian Banks' Association (IBA) failed. 

Will services of SBI, BoB, PNB, and other private lenders like ICICI Bank and HDFC Bank be hit? Even though these banks have not released any official statement regarding the strike, as per a report in ANI, the strike will impact the public sector, private sector, and regional rural banks, potentially leading to four days of interrupted services due to a preceding bank holiday.

Who has called the strike?

The United Forum of Bank Unions (UFBU) has called for a nationwide two-day strike on March 24 and March 25.

What is UFBU?

UFBU is a collective that includes nine bank unions representing more than eight lakh employees and officers in public sector banks, private sector banks, foreign banks, co-op banks and regional rural banks.

Which banks are under UFBU?

The UFBU comprises major bank unions, including the All India Bank Employees Association (AIBEA), All India Bank Officers' Confederation (AIBOC), National Confederation of Bank Employees (NCBE), and All India Bank Officers' Association (AIBOA).

2-day nationwide bank strike on March 24-25: What are their demands?

1. Ensure sufficient recruitment in all job cadres across banks to provide adequate branch staffing and improve customer service.
2. Regularise all temporary employees working in the banking sector. 
3. Implement a five-day work week for all banks, aligning with other sectors like the RBI, insurance companies, and the government. 
4. Immediately withdraw recent directives related to performance reviews and the Performance Linked Incentive (PLI) scheme, as these threaten job security, create divisions among employees, violate the Eighth Joint Note, and undermine the autonomy of Public Sector Banks (PSBs).
5. Ensure the safety of bank officers and staff against assaults and abuses by unruly members of the public. 
6. Fill the vacant workmen/officer directors posts in Public Sector Banks.
7. Resolve pending issues with the Indian Banks' Association (IBA).
8. Amend the Gratuity Act to increase the ceiling to ₹25 lakh, similar to the scheme for government employees, with exemption from income tax.
9. Top the outsourcing of permanent jobs within the banking sector.
10. Halt any unfair labour practices in the banking industry.

Banks will remain closed for 4 days in a row

March 22 marks the fourth Saturday of the month, a designated holiday for all public and private banks across India, as per the Reserve Bank of India (RBI). This will be followed by Sunday, March 23, a national holiday for all bank employees.

With the upcoming bank workers' strike next week, customers will have to brace for an extended weekend. Banks will remain closed on Monday and Tuesday (March 24-25). In case you plan to visit the bank next week, it is advisable to confirm the schedule with your nearest bank branch and plan accordingly for any banking needs.

Pankaj Kapoor, VP, All India Bank Officers Confederation (AIBOC), told ANI, “Banking services will be interrupted for four days starting from March 22, and March 23 is bank holiday, and 24-25 March is strike. Due to this, banking services like clearing house, cash transaction, remittances, advances will be affected for four days starting from March 22.”

What happens when banks are shut?

When banks are shut, essential services like cash withdrawals, cheque processing, loan services, and customer support are unavailable. However, transactions through ATMs and online banking are available, though larger or time-sensitive transactions might be delayed.

-With inputs from ANI