DA news: Finance Ministry calls for meetings with PSB, RRB chiefs — Check top updates on 3-day banking sector strike

DA news: The United Forum of Bank Unions (UFBU), which claims to represent 90% of the banking workforce, made a number of demands from the Centre, including a uniform dearness allowance (DA) formula for all pensioners, PTI reported.

The union called for a three-day nationwide strike beginning 28 September, which may end up impacting banking services for five-days due to the preceding weekend offs on 26 and 27 September (fourth Saturday and Sunday holidays).

3-day bank unions strike — Latest updates

• The Finance Ministry has reportedly called for a meeting with CEOs of public sector banks (PSBs) and regional rural banks (RRBs) today, to discuss measures to ensure smooth continuity of operations and essential customers services during the UFBU strike.
• The Ministry’s Department of Financial Services (DFS) Secretary will chair the meeting, according to a communication sent to banks.
• The meeting is expected to deliberate on contingency measures to minimise disruption to banking services and ensure that customers continue to have access to essential facilities during the strike.
• Notably, if this strike (from 28-30 September), materialises, it would coincide with the half-yearly closing of the banking sector.

What are the demands being raised?

Bank workers under the UFBU are demanding five-day banking, uniform DA formula for all pensioners, updation and improvement of pension, and option for employees covered under the National Pension System (NPS) to switch to the old pension scheme (OPS), the report added.

The main demand is for five-day workweek, with declaration of all Saturdays as holidays, as agreed upon during the 12th Bipartite Settlement signed with the Indian Banks’ Association (IBA) in March 2024. This is still awaiting government notification. Currently, banks remain open on the first, third, and fifth Saturdays of a month, as per another PTI report.

Second call for nation-wide bank strike

Earlier, bank unions under UFBU had gone on nationwide strike on September 11 over their demands. Notably, it was a Friday, followed by 12-14 September being holidays in parts of the country due to Sunday and Ganesh Chaturthi. As a result, services such as cash deposits, withdrawals, cheque clearances, and administrative work were hit at branches of most public sector lenders and some old-generation private sector banks.

UFBU is an umbrella body comprising seven unions: the All India Bank Employees’ Association (AIBEA), All India Bank Officers’ Association (AIBOA), All India Bank Officers’ Confederation (AIBOC), Bank Employees Federation of India (BEFI), Indian National Bank Employees’ Federation (INBEF), Indian National Bank Officers’ Congress (INBOC) and National Confederation of Bank Employees (NCBE).