Major bank employee and officer unions in India have declared a nationwide strike on January 27 to advocate for a five-day work week in the banking industry. The strike, starting at midnight on January 26 and ending at midnight on January 27, could impact banking services nationwide, as reported by NDTV Profit.
The United Forum of Bank Unions (UFBU), a collective representing nine bank unions, has issued the strike notice. This notice has been forwarded to the Indian Banks’ Association (IBA), the Chief Labour Commissioner, and the Department of Financial Services (DFS) under the Industrial Disputes Act, 1947.
The primary demand of the unions is for the government to approve the declaration of all Saturdays as bank holidays, thus implementing a five-day work week. The UFBU mentioned that the IBA has already proposed this to the government based on a memorandum of understanding signed on December 7, 2023, and a subsequent settlement and joint note on March 8, 2024.
The unions highlighted that their request for a five-day work week is not new, dating back to 2015 when banks began observing holidays on the second and fourth Saturdays of each month. Despite ongoing discussions and agreements with the IBA, the unions expressed dissatisfaction over the lack of tangible progress in over nine months, leading to the decision to escalate their protest.
