During the meeting, representatives from the IBA and the finance ministry assured the unions that their demands would be reviewed and discussed further.
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Bank unions have deferred their two-day nationwide strike, originally scheduled for March 24-25, following positive assurances from the finance ministry and the Indian Banks’ Association (IBA) on key demands. These include implementing a five-day work week and ensuring adequate recruitment across all cadres.
The strike was called by the United Forum of Bank Unions (UFBU), an umbrella body representing nine bank employee associations. However, after a conciliation meeting chaired by the Chief Labour Commissioner, the decision was made to postpone the protest.
During the meeting, representatives from the IBA and the finance ministry assured the unions that their demands would be reviewed and discussed further. UFBU had also raised concerns about recent directives from the Department of Financial Services (DFS) regarding performance reviews and performance-linked incentives (PLI), which unions argue threaten job security and create division among employees.
“All parties agreed to discuss recruitment, PLI, and other unresolved issues. The Chief Labour Commissioner will directly oversee the five-day banking implementation,” said AIBEA General Secretary CH Venkatachalam.
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The next hearing is scheduled for April 22, with the IBA required to submit a progress report on UFBU’s demands. The unions are also pushing for amendments to the Gratuity Act, seeking to raise the ceiling to Rs 25 lakh in line with government employees’ benefits and for gratuity to be exempt from income tax.
The UFBU includes key banking unions such as AIBEA, AIBOC, NCBE, AIBOA, and BEFI, which collectively represent a significant portion of the banking workforce.
(With inputs from PTI)
