Daijiworld Media Network - New Delhi
New Delhi, Jan 26: Banking services at public sector banks across India are expected to face disruptions on Tuesday as the United Forum of Bank Unions (UFBU) proceeds with a nationwide strike demanding the implementation of a five-day work week.
The strike call comes after a conciliation meeting with the Chief Labour commissioner on January 23 failed to break the deadlock. UFBU represents nine major unions of officers and employees working in public sector banks.
The timing of the protest is likely to compound inconvenience for customers, as banks were already shut on Sunday and Monday due to the Republic Day weekend. As a result, several branch-level services may remain unavailable for three consecutive days.
Customers of public sector banks such as State Bank of India (SBI), Punjab National Bank (PNB) and Bank of Baroda may face difficulties with services including cash deposits and withdrawals, cheque clearing, and other routine banking operations.
Private sector banks like HDFC Bank, ICICI Bank and Axis Bank are expected to operate as usual, since their staff are not part of the unions participating in the strike. Digital banking services, including UPI transactions and internet banking, are also expected to function normally, though there could be isolated issues such as reduced ATM cash availability in some areas.
Several public sector banks have already cautioned customers by informing stock exchanges about the potential impact. In a regulatory filing, SBI said it has made arrangements to ensure continuity of services, but acknowledged that operations could still be affected due to employee participation in the strike.
At the core of the unions’ demand is the implementation of a five-day work week by declaring all Saturdays as bank holidays. While this provision was included in the 12th Bipartite Settlement signed with the Indian Banks’ Association in March 2024, it is yet to be formally notified by the government.
Currently, public sector banks operate on the first, third and fifth Saturdays of each month, remaining closed only on the second and fourth Saturdays.