Strike called off? Are banks open today?—What we know
24 Mar 2025

Public sector banks (PSBs) are functioning normally today, after a nationwide strike by several bank unions was called off.

The proposed two-day strike was deferred on March 21, after fresh talks with the Indian Banking Association (IBA) and assurance from the Finance Ministry.

The United Forum of Bank Unions (UFBU), comprising nine bank unions across India, had called the nationwide strike scheduled for two days—March 24 and 25.

Next hearing set for April 22
Fact

The Chief Labor Commissioner's next hearing will be on April 22, 2025. The IBA has been asked to submit a progress report on the status of their demands by then. Further decisions on the strike's status will be considered after this hearing.

UFBU demands regularization of temporary employees
Union demands

Among other demands, the UFBU has demanded recruitment in all job categories (workmen, officer, and director posts) in PSBs.

They also demand adequate staffing in branches to improve customer service.

The unions have demanded regularization of all temporary employees working in the banking sector and a five-day work week for all banks, like other sectors such as RBI and insurance companies.

Unions raise concerns about performance-linked incentives
Job security

The UFBU has raised concerns over the performance-linked incentives (PLIs) issued by the Department of Financial Services (DFS).

They argue that the PLIs jeopardize job security and employee relations, violate the Eighth Joint Note, and undermine PSBs' autonomy.

The unions have also expressed dissatisfaction over DFS's "micromanagement" of PSBs, claiming such interventions compromise bank boards' autonomy.