The United Forum of Bank Unions (UFBU) is likely to go ahead with the proposed all-India bank strike on January 27, demanding five-day work week, after a conciliation meeting convened by the chief labour commissioner (central) between UFBU and the Indian Banks’ Association (IBA) ended without an agreement.
The unions’ body stated that despite a memorandum of understanding on the issue of five-day banking system between the IBA and UFBU on December 7, 2023, and a subsequent settlement dated March 8, 2024, under which the IBA had recommended the proposal to the government, no approval has been received so far, according to official minutes of the meeting seen by Business Standard.
UFBU said that even during an earlier conciliation held on March 21, 2025, they were assured that the matter was under serious consideration, but no decision has been communicated till date.
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Representatives of the IBA informed the conciliation officer that the issue has been taken up with the government and that instructions from the competent authority are still awaited. The conciliation officer advised both sides to make further efforts to arrive at an amicable solution, noting that a bank strike would adversely affect the banking system.
Representatives from the Department of Financial Services, including a joint secretary, also informed the meeting that the government is fully seized of the issue and may require more time before taking a decision, and appealed to UFBU not to precipitate in the strike at this stage.
