Bank Union on Nationwide Strike: Public Sector Banks to Halt Operations on Jan 27

Bank employees across India are set to bring public sector banking to a standstill with a nationwide strike scheduled for January 27. The move comes as part of their ongoing demand for a five-day work week across public sector banks, a long-standing issue that has yet to see resolution.

With January 25 and 26 already being holidays, the strike could lead to three consecutive days of limited banking operations, affecting millions of customers who rely on public sector banks for daily transactions.

Market Performance Ahead of Strike

Although the strike primarily impacts public sector banking operations, the broader financial ecosystem is taking note:

• Customers may face delays in routine banking services including cash withdrawals, deposits, and cheque clearances.
• Public sector banks have started notifying their clients to ensure minimal inconvenience.
• Big private sector banks such as HDFC Bank, ICICI Bank, and Kotak Mahindra Bank are expected to function normally, offering some relief to customers needing urgent banking services.

Strike Announcement and Union Statements

The strike decision was formally communicated after unsuccessful conciliation talks mediated by the Chief Labour Commissioner. Representatives from the Indian Banks’ Association (IBA), the Department of Financial Services (DFS), and the Ministry of Finance attended the discussions along with all nine unions under the United Forum of Bank Unions (UFBU).

Despite detailed deliberations, the conciliation meeting concluded without a resolution. UFBU, which represents officers and employees across public sector banks and select private banks, confirmed that the strike will proceed as planned.

Key Points from UFBU Statement:

• UFBU represents nine major bank unions in India.
• The unions insist on a five-day work week, aligning with RBI, LIC, GIC, stock exchanges, and government offices.
• Currently, bank employees get the second and fourth Saturdays off, apart from Sundays.
• UFBU emphasizes that there will be no loss of man-hours, as employees are willing to work an extra 40 minutes daily from Monday to Friday.

Public Sector Bank Details

The strike will primarily affect state-run banks, including:

• State Bank of India (SBI)
• Punjab National Bank (PNB)
• Bank of Baroda (BoB)
• Canara Bank
• Union Bank of India

Customers are advised to plan banking activities ahead, particularly for large transactions or cheque deposits. ATMs and online banking may provide partial relief, but branch services are expected to be disrupted.

Summary

The nationwide bank strike on January 27 highlights the growing call for modernization in banking work culture. While public sector banks brace for operational challenges, private sector banks remain unaffected, offering an alternative for urgent banking needs.

The UFBU remains steadfast in its demand for a five-day work week, pointing out that other financial institutions and government offices have already adopted it. With conciliation efforts failing, employees are moving forward with the strike, signaling a firm stance on employee welfare and working conditions.

Source: The Hindu