Bank Strike Alert: Services Likely Hit on Jan 27 After Long Weekend
If you have pending financial errands or branch visits planned, you might want to check your calendar immediately. A nationwide bank strike is set to disrupt operations across India on Tuesday, January 27. This industrial action comes at a particularly difficult time for customers, as it follows two consecutive holidays, potentially paralyzing physical banking services for three days straight.
The United Forum of Bank Unions (UFBU), an umbrella body representing nine different unions of officers and employees, has decided to proceed with the strike after negotiations with the government hit a stalemate.
Why Are Banks Going on Strike?
The primary reason for this agitation is a long-standing demand for a five-day work week. Banking unions have been pressing the government and the Indian Banks’ Association (IBA) to declare all Saturdays as holidays.
According to the unions, the decision to go ahead with the bank strike came after a conciliation meeting with the chief labour commissioner on January 23 failed to yield any positive outcome. C H Venkatachalam, General Secretary of the All India Bank Employees Association (AIBEA), stated that despite detailed discussions, there was no concrete assurance given regarding their demands. Consequently, the unions felt compelled to proceed with the protest.
The “Broken Promise” of March 2024
For many banking officials, this isn’t a new demand. Rupam Roy, General Secretary of the All India Bank Officers’ Confederation (AIBOC), highlighted that the agreement to declare all Saturdays as holidays was actually reached between the IBA and the UFBU during the wage revision settlement back in March 2024.
The delay in implementing this agreement is the main trigger for this bank strike, as employees feel their genuine demands are being ignored despite previous consensus.
Disruption of Services: The Three-Day Halt
The timing of this strike is significant. Banks are already scheduled to remain closed on:
- January 25 (Sunday)
- January 26 (Republic Day)
With the bank strike falling on Tuesday, January 27, public sector bank branches will effectively be shut down or severely understaffed for three consecutive days. While this will impact branch-level services like check clearances, cash withdrawals, and deposits, digital banking services are expected to remain operational.
No Loss of Productivity?
A common concern regarding a five-day work week is the potential loss of productivity or “man-hours.” However, the unions have countered this argument proactively.
The banking unions have agreed to increase daily working hours to compensate for the Saturdays off. Specifically, they have offered to work an extra 40 minutes every day from Monday to Friday. Union leaders argue that avoiding a bank strike should have been easy for the government, considering there would be no actual loss of working hours under the proposed plan.
Conclusion
As Tuesday approaches, customers of public sector banks are advised to complete their urgent banking work before the weekend kicks in. While online transfers and ATMs offer some relief, the bank strike will undoubtedly cause inconvenience for those relying on physical branch services. The unions maintain that the ball is now in the government’s court to honor the agreement made in 2024.
Frequently Asked Questions (FAQs)
1. Which banks will be affected by the strike?
The strike has been called by the UFBU, which represents unions in Public Sector Banks (PSBs). Therefore, services at major government-owned banks like SBI, PNB, and Bank of Baroda are likely to be impacted. Private sector banks generally remain operational during these strikes.
2. Will ATMs and Internet Banking work during the bank strike?
Yes, digital services like UPI, Net Banking, and Mobile Banking usually continue to work smoothly. ATMs should also remain functional, although they may run out of cash faster than usual due to the three-day break in branch operations.
