Two years on, 5-day banking week demand still pending

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Public-sector bank employees strike today over five-day week, PLI, recruitment, pension and other pending demands; Tricity branch services affected

Chandigarh, September 11

Banking services across the Tricity are being affected on Friday as employees of several public sector banks joined the nationwide strike called by the United Forum of Bank Unions (UFBU) to press for implementation of a five-day banking week and resolution of other pending issues.

The five-day banking week remains the principal demand of the unions. The proposal was included in the 12th Bipartite Settlement and 9th Joint Note signed in March 2024, under which all Saturdays would be declared holidays, with working hours adjusted from Monday to Friday. More than two years on, the proposal has not been implemented.

The UFBU decided to proceed with the strike after discussions with the Indian Banks’ Association and the Department of Financial Services. In its latest circular, the All India Bank Employees’ Association said the unions had received “no concrete timeline or positive assurance” on the five-day banking proposal.

The UFBU comprises seven bank employee and officer unions, namely AIBEA, AIBOC, NCBE, AIBOA, BEFI, INBEF and INBOC. The unions have also raised issues relating to performance-linked incentives, recruitment, pension, gratuity and other service matters.

On the PLI issue, the Department of Financial Services informed the unions during conciliation that the PLI scheme for Scale IV to VIII officers for 2025-26 had been kept in abeyance, with the matter to be discussed bilaterally with the Indian Banks’ Association, according to the UFBU circular.

The five-day week proposal would mean that all Saturdays become holidays, instead of the present arrangement under which the second and fourth Saturdays are holidays. The proposed change would be accompanied by 40 minutes of additional working time from Monday to Friday.

For customers, the impact is expected mainly on branch-dependent services, including cash transactions, cheque-related work, KYC, passbook services and other work requiring bank staff. Meanwhile, UPI, Internet and mobile banking along with ATM services are expected to remain available for routine transactions.

Several major public-sector banks, including SBI, Punjab National Bank, UCO Bank and Bank of Maharashtra, had advised customers that arrangements had been made to maintain operations, while cautioning that branch and office functioning could be affected if employees participated in the strike.

The SBI, in its customer advisory, urged customers to use ATMs, automated deposit-cum-withdrawal machines, Customer Service Points, internet banking, YONO, mobile banking and UPI for routine requirements during the strike.

An employee with Bank of Baroda, preferring anonymity, said the demand had been under discussion for some time and expressed hope that the matter would be resolved through dialogue. “We hope there is a positive outcome on the five-day banking proposal without causing prolonged inconvenience to customers,” she added.

For customers, the disruption is likely to be most noticeable in work that requires a physical visit to a branch. Routine payments and fund transfers, however, can continue through digital channels.

The strike is followed by the regular second-Saturday and Sunday holidays on September 12 and 13, meaning customers requiring branch services may have to wait until the next working day.

According to the 2024 settlement communication, the agreement covered more than eight lakh bank employees and officers in the public and private sectors.

Notably, the UFBU has also announced further industrial action, including a three-day strike from September 28 to 30 and a proposed continuous strike from October 26 if the issues remain unresolved.