The United Forum of Bank Unions (UFBU) has deferred its proposed strike and agitation after reaching an understanding with the Indian Banks' Association (IBA) during a late meeting held at 9:30 pm on Sunday, according to a circular issued by the UFBU.
The decision came after discussions between the two sides on the unions' pending demands, including the issue of declaring the remaining Saturdays as holidays for bank employees.
"A high-level committee of the IBA and UFBU will be formed immediately to deliberate on the issue of declaring the remaining Saturdays as holidays. This committee will explore all possible alternatives, discuss with all the stakeholders, and work out a solution acceptable to all the stakeholders, more importantly, the customers," the UFBU said in a statement. This means that a joint committee of the IBA and UFBU will be set up to handle the issue of declaring Saturdays as bank holidays.
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The five-day banking week has been a key demand of bank unions, with the proposal involving making all Saturdays holidays instead of the existing arrangement under which only the second and fourth Saturdays are generally holidays.
The understanding also covers the Performance Linked Incentive (PLI) scheme for Scale IV and above officers.
According to the UFBU circular, discussions can now begin with the IBA to formulate proposals for modifications to the PLI scheme and subsequently take them up with the government to address observations raised by the unions and associations.
The two sides will also discuss the residual issues listed in the minutes dated March 8, 2024, with the objective of reaching an early resolution.
Following the understanding reached with the IBA, the UFBU said that it had agreed to defer its proposed agitation programmes and strike actions. The circular was signed by representatives of the seven constituent organisations of the UFBU - AIBEA, AIBOC, NCBE, AIBOA, BEFI, INBEF, and INBOC.
The union forum stated that a detailed circular would follow, indicating that further details of the understanding and the deferred agitation programme were to be communicated subsequently.
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