New Delhi is bracing for a major disruption in banking services as key employee and officer unions announce a nationwide strike on January 27. The action, spearheaded by the United Forum of Bank Unions (UFBU), demands the implementation of a five-day work week across the sector.
The strike will kick off at midnight on Republic Day, January 26, and continue until midnight on January 27. Customers across India may face interruptions in deposits, withdrawals, loans, and other essential services during this 24-hour period.
UFBU, representing nine major bank unions, has formally notified the Indian Banks’ Association (IBA), Chief Labour Commissioner, and Department of Financial Services under the Industrial Disputes Act, 1947. The core demand is clear: declare all Saturdays as holidays to standardize a five-day work schedule with weekends off.
This push builds on a December 7, 2023, agreement between IBA and UFBU, followed by a joint note on March 8, 2024. IBA has forwarded the proposal to the government, but unions lament the lack of final approval from regulators despite months of assurances.
The five-day week isn’t new; it evolved from 2015 when second and fourth Saturdays became holidays. Multiple negotiation rounds have yielded progress, and unions are willing to extend daily hours by 40 minutes to maintain weekly workload without cuts.
Frustration peaked after nine months of stalled talks. ‘We’ve exhausted patience,’ a union spokesperson stated, underscoring the need for action to improve work-life balance in an overworked sector. As the strike looms, banking stakeholders watch closely, hoping for last-minute resolution to avert widespread impact.