Banking Services to Hit on March 24 and 25: UFBU Called for Nationwide Strike

Banking services in India will be disrupted on March 24 and March 25 due to a nationwide two-day strike called by the United Forum of Bank Unions (UFBU). This means that all private and public sector banks will be closed for 2 days. The strike is in response to several demands, including improved recruitment across all levels, regularization of temporary employees, and the introduction of a 5-day work week in the banking sector.

UFBU is a coalition of 9 bank unions representing over eight lakh employees and officers across public sector banks, private sector banks, foreign banks, cooperative banks, and regional rural banks.

The unions have also voiced their opposition to a recent directive from the Department of Financial Services (DFS) regarding performance-linked incentives and reviews. They argue that such measures create uncertainty for employees and should be revoked.

Key Issues Driving the Strike

According to L. Chandrasekhar, General Secretary of the National Confederation of Bank Employees (NCBE), despite several rounds of discussions, the Indian Banks’ Association (IBA) has failed to address critical concerns, such as:

• Recruitment across all levels to address staff shortages.
• Filling of workmen and officer director positions in public sector banks.
• Withdrawal of performance review and incentive directives from the DFS, which unions claim jeopardise job security.
• Opposition to “micro-management” by the DFS, arguing that excessive intervention undermines the autonomy of bank boards.
• Amendments to the Gratuity Act, seeking an increase in the ceiling to ₹25 lakh, aligning it with the benefits offered to government employees.
• Exemption of gratuity from income tax.

Who is part of the UFBU?

The UFBU represents nine major bank employees’ unions, including:

• All India Bank Employees Association (AIBEA)
• All India Bank Officers’ Confederation (AIBOC)
• National Confederation of Bank Employees (NCBE)
• All India Bank Officers’ Association (AIBOA)
• Bank Employees Federation of India (BEFI)
• Indian National Bank Employees Congress (INBEC)
• Indian National Bank Officers’ Congress (INBOC)
• National Organisation of Bank Workers (NOBW)
• National Organisation of Bank Officers (NOBO)

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