The United Forum of Bank Unions (UFBU) has deferred its proposed three-day nationwide bank strike after the Indian Banks’ Association (IBA) agreed to form a high-level committee to discuss the demand for a five-day banking week.
The decision followed a late-night meeting between the UFBU and IBA, just hours before the strike was scheduled to begin. UFBU said that an understanding had been reached following detailed discussions and that its agitation and strike action had consequently been deferred.
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UFBU key negotiator C H Venkatachalam said the proposed committee would comprise representatives of the IBA and UFBU and would work towards finding a solution to the demand for a five-day banking week while consulting other stakeholders.
The two sides will also discuss performance-linked incentives, including the unions’ concerns over discriminatory PLI for officers, as well as other pending issues. The precise terms of the understanding are yet to be formally disclosed.
