Major news for Bank Account holder’s. The United Forum of Bank Unions (UFBU) announced on Thursday that their planned two-day nationwide strike on March 24 and 25 will proceed as scheduled. They stated that discussions with the Indian Banks Association (IBA) did not yield any positive outcomes regarding their key demands.
During the meeting with the IBA, UFBU representatives highlighted several critical issues, such as the need for recruitment across all levels and the implementation of a five-day work week. L. Chandrasekhar, General Secretary of the National Confederation of Bank Employees (NCBE), noted that despite the discussions, significant issues remain unresolved. UFBU, which consists of nine bank employee unions, had previously declared a strike in response to these demands.
What issues were discussed in the meeting?
In their discussions with the IBA, all unions associated with UFBU brought up several vital requests, including the need for recruitment across all levels and a five-day work week. However, no agreement was reached on these primary concerns. L. Chandrasekhar mentioned that no definitive decisions were made regarding these matters.
What are the reasons for the strike?
Filling vacant positions in public sector banks: Immediate appointments for both employees and officers are necessary.
Cancellation of performance review and incentive schemes: Unions argue that new guidelines from the Department of Financial Services (DFS) threaten job security.
Prohibition of “micro-management” in bank operations: UFBU claims that the independence of government bank boards is being compromised.
Revision of the Gratuity Act: The limit should be increased to Rs 25 lakh to align it with the scheme for government employees and exempt it from income tax.
The outstanding issues concerning IBA need to be sorted out
Banks are set to shut down for four straight days. The United Forum of Bank Unions has announced that nine banks nationwide will go on strike on March 24 and 25. With March 22 being the fourth Saturday and March 23 a Sunday, this means banks will be closed for four days in a row. If you have any banking tasks to tackle, make sure to get them done before March 22.
Both everyday folks and business owners, big and small, are feeling the pinch. The country is likely to face significant economic setbacks due to the banks being closed for four days. This will disrupt operations for the government and everyday citizens alike. The strike will negatively affect business activities across the nation.
Every day, traders, service providers, corporations, industries, small businesses, and various sectors rely on the banking system. This closure will disrupt their banking activities.