Bank unions postpone March 24-25 strike: Why was it deferred? When is the next meeting with govt?

The bank unions have deferred the two-day nationwide strike, scheduled for March 24 and 25, indefinitely after receiving positive assurance from the finance ministry and the Indian Banks' Association (IBA) on their demands.

The strike call was issued by the United Forum of Bank Unions (UFBU), an umbrella body representing nine bank employees’ associations, including the All India Bank Employees’ Association (AIBEA), All India Bank Officers’ Confederation (AIBOC), and All India Bank Officers’ Association (AIBOA).

The decision to postpone the strike came after a conciliation meeting convened by the Chief Labour Commissioner (CLC) on March 21, where key demands of the unions, including a five-day work week and adequate recruitment across all cadres, were discussed at length.

"IBA proposed to further discuss issues like recruitment and PLI and other issues. The Chief Labour Commissioner informed that he will directly monitor the issues including implementation of 5 days banking," All India Bank Employees Association (AIBEA), general secretary C H Venkatachalam said.

The other demands were: halting the disinvestment of IDBI Bank, scrapping the recent DFS directives on performance-linked incentives (PLI), and resolving long-pending issues like pension updates and amendments to the Gratuity Act.

On the disinvestment of IDBI Bank, the management clarified that it is a policy decision of the Government of India. Regarding PLI, the IBA assured the unions that it would take up the matter with DFS for reconsideration.

The issue of five days banking was discussed at length and the DFS submitted it is seized of the proposal and the matter requires wider consultations with various stakeholders, Chief Labour Commissioner said in a statement, signed by management and union representatives.

"the Conciliation Officer requested the Ld. representatives of AIBOA to consider the request of withdrawal of strike as it is neither in the interest of its members nor in the interest of the banks and the nation as a whole," the statement read.

"After protracted and threadbare discussions, the representatives of AIBOA agreed to defer the proposed strike. Next date of discussion in the matter would be decided and communicated in due course," it added.

When is the next meeting?

The Chief Labour Commissioner has fixed April 22 as the next date of hearing and asked the IBA to submit the progress report on UFBU's demands.

Unions had also demanded resolution of residual issues pending with the IBA and for amending the Gratuity Act to increase the ceiling to Rs 25 lakh on the lines of scheme for government employees, along with exemption from income tax.