Bank employee organizations on Friday postponed their two-day nationwide strike after receiving positive assurances on their demands from the Finance Ministry and IBA. According to the pre-determined program, a two-day strike was to begin in banks across the country from Monday.

The strike was called by the United Forum of Bank Unions (UFBU), an integrated body of nine bank employees unions, on 24-25 March. Major demands of bank employee organizations include doing five days of working week and adequate recruitment in all employee cadres.

Assurance received in talks with Finance Ministry

The decision to postpone the proposed strike was taken before the Chief Labor Commissioner, who called all the parties for a reconciliation meeting. Representatives of the Indian Banks Association (IBA) and the Ministry of Finance assured to consider the demands of employee organizations.

The UFBU also demanded immediate withdrawal of the recent instructions of the Financial Services (DFS) on the review of the performance of the employees and the incentive related to it (PLI). Employees organization says that this instruction threatens the security of the job and creates a division among the employees.

What issues arose in the conversation?

In the meeting held with IBA, all employees associated with UFBU raised many important demands, including all cadre recruitment and five-day work week. These demands have recently received assurance from the Finance Ministry, due to which UFBU has postponed the strike.

Which demands were going on?

• Empty posts should be filled in government banks: Appointments should be made immediately on the posts of employees and officers.
• Performance Review and Incentive Scheme should be withdrawn: Unions say that new guidelines issued by the Financial Services Department (DFS) are endangering job security.
• Micro-management prohibits in the functioning of banks: UFBU alleges that the autonomy of government bank boards is being affected.
• Amendment to the Gratuity Act: The limit should be increased to ₹ 25 lakh, so that it is equal to the scheme of government employees and it will get exemption from income tax.
• The rest of the pending issues related to IBA should be resolved.