The planned bank strike on March 24 and 25, 2025, has been called off, bringing relief to millions of bank customers across India. The decision was made by the United Forum of Bank Unions (UFBU), which represents nine major bank unions, after successful discussions with the Indian Banks’ Association (IBA) and the Ministry of Finance. These discussions addressed key demands from the unions, including a request for a five-day workweek and better job security for bank employees.
Background of the Strike
The UFBU initially called for the strike due to ongoing concerns about working conditions in the banking sector. Key issues included:
-
Five-Day Workweek: Unions demanded a uniform Monday-to-Friday work schedule for all banks.
-
Job Security: There was a push for regularizing temporary and contractual employees to ensure stable employment.
-
Staff Shortages: Many banks are currently understaffed, leading to increased workloads and employee burnout.
-
Greater Autonomy for Public Sector Banks: Unions argued against excessive government oversight that they believe hinders decision-making.
-
Gratuity Reform: A proposal was made to increase the gratuity ceiling to ₹25 lakh and make it tax-exempt, aligning it with benefits provided to government employees.
These issues highlight the ongoing tensions between bank employees and policymakers, which have not been fully resolved despite the postponement of the strike.
The Decision to Call Off the Strike
The decision to postpone the strike came after a conciliation meeting held by the Chief Labour Commissioner (CLC) on March 21. During this meeting, representatives from various stakeholders discussed the unions' demands. The IBA proposed further discussions on recruitment and performance-linked incentives (PLI), which have been a point of contention due to concerns over job security.
C.H. Venkatachalam, General Secretary of the All India Bank Employees Association (AIBEA), stated that the CLC would directly monitor issues related to implementing a five-day banking week. This assurance from authorities played a significant role in deferring the strike.
Banks Open Today
With the strike being called off, banks across India are open today, March 24. According to the Reserve Bank of India (RBI), there is no holiday under the Negotiable Instruments Act today, meaning that all bank branches will operate normally. Customers can access banking services as usual through physical branches as well as online platforms such as net banking and mobile apps.
Upcoming Bank Holidays
While banks are open today, customers should be aware of upcoming holidays. According to RBI's holiday calendar, banks will be closed on March 31 in observance of Id-Ul-Fitr. This holiday will affect branches in various states across India but will not apply in Mizoram and Himachal Pradesh.
Future Discussions
Although the immediate threat of a strike has been lifted, the underlying issues remain unresolved. The next meeting between bank unions and stakeholders is scheduled for April 22, where further discussions will take place regarding recruitment, performance reviews, and other pressing concerns. The unions have indicated that they are prepared to take further action if their demands continue to be unmet.
Conclusion
In summary, the postponement of the bank strike has allowed normal banking operations to resume across India on March 24. While this news brings immediate relief to customers who rely on banking services, it also underscores ongoing challenges within the sector that need addressing. As discussions continue in April, both bank employees and customers will be watching closely for any developments that may affect their interests in the future.
With inputs from agencies
Image Source: Multiple agencies
© Copyright 2025. All Rights Reserved Powered by Vygr Media.
