Union Federation Sets Dates for Massive Bank Strike if Demands Ignored

The United Forum of Bank Unions (UFBU), representing nine major banking staff bodies, has announced a decisive step forward in its long‑standing campaign. A nationwide strike is slated for 11 September, with a warning that a three‑day shutdown will follow on 28 September and an indefinite strike may begin on 26 October if the government does not act.

A primary grievance is the demand for a five‑day banking timetable, which would lengthen each weekday by 40 minutes and eliminate work on Saturdays. This measure was incorporated into the twelfth bilateral agreement signed on 8 March 2024 between the Indian Banks Association and the unions, but it remains pending approval after more than two years.

The unions also dispute the performance‑linked incentive (PLI) framework being introduced for senior officials. The draft plan proposes a PLI of up to one year’s basic salary for scale‑IV and above officers, while staff up to scale‑III would receive a maximum of 15 days’ basic salary plus inflation compensation. Union representatives argue that any incentive system should be linked to overall bank performance and applied uniformly across all levels.

Additional requests focus on pension matters: an update of pension calculations, a standard inflation allowance for retirees, and the right for employees under the National Pension System to revert to the older pension scheme.

If the strike proceeds, the impact on public‑sector banks could be extensive, affecting routine banking transactions, branch operations, cheque clearing and other essential services across the nation.