United Forum of Bank Unions Postpones Strike After Reassurance from Finance Ministry

The United Forum of Bank Unions decided to postpone the nationwide bank strike after it got reassurance regarding the fulfillment of demands from the Indian Banks’ Association and Finance Ministry.  The union represents over eight lakh bank employees in nine unions across India. It had announced a two-day nationwide strike on March 24 and 25, to call for changes in the banking sector.

PTI reported that after a consultation between the chief labour commissioner and all the concerned parties on March 21, the strike was deferred. The Centre promised the union that it will look into the demands made by the bank employees. After seeking reassurance the strike was called off. A new date for the strike or an update regarding what action the government will take has not been disclosed yet.

PTI reported that C H Venkatachalam, General Secretary of the All India Bank Employees Association (AIBEA) said, "IBA has proposed further discussions on recruitment, PLI, and other key issues. The Chief Labour Commissioner has assured direct monitoring of the five-day banking implementation."

As the strike is called off, the banks are expected to operate normally on March 24. The United Forum of Bank Unions had called for a strike from March 23 midnight to March 25. It demanded that the government should implement changes so that the lives of employees working in the banking sector improve.

What Is The Union Demanding?
 

The adoption of a five-day workweek was demanded by UFBU. The whole financial industry, including the RBI, insurance companies, and the government, works five days a week, according to a press release.

In order to facilitate branch staffing and regularise all temporary employees, the union demanded recruitment in all cadres.

They have urged authorities to make sure that bank employees receive appropriate treatment and are shielded from assaults and other mistreatment by disorderly members of the public.

In addition to a tax exemption, the UFBU has requested that the Gratuity Act be amended to raise its cap to 25 lakh. The press release further stated, "Do not recover income tax on staff welfare benefits given to employees and officers on concessional terms."

They said that the current DFS/government directives on performance reviews and PLI, which jeopardise job security, should be immediately withdrawn.

UFBU also called on the government to end unfair labour practices in the banking sector and the outsourcing of permanent jobs in banks.Open in app