Bank Strike Update: Three-Day Nationwide Strike Called Off After Late-Night IBA-UFBU Discussion

A joint committee of IBA and UFBU will be set up for examining the issue of bank holiday on all Saturdays. All possible aspects will be examined and views of all concerned will be taken and efforts will be made for reaching an amicable solution of the issue.

Discussion will commence with IBA on modification of PLI scheme of officers in scale IV and above so that their grievances can be conveyed to the government.

Other pending issues mentioned in the minutes of the March 8, 2024, meeting will also be discussed for an early resolution. Due to these agreements, the UFBU has stated that it will withdraw its proposed protests and strike for now.

Bank unions had announced a nationwide bank strike from Monday to Wednesday. Due to the strike, all public sector banks and regional rural banks would have been closed. Banking services, including check clearance, cash withdrawals, and deposits, could have been disrupted during this period. Digital banking and other online services were also likely to be down.

Millions of bank customers would have faced significant disruptions in banking services for three consecutive days this week due to the bank strike. However, branches of HDFC, ICICI, and Axis Bank remained open.

However, now that the strike has been called off, bank branches across the country will open normally and all services like cheque clearance and cash transactions will continue smoothly, providing great relief to the general public.