Banks to remain open on Sunday ahead of proposed strike
What's the story
In a bid to minimize disruption to banking services, all public sector banks and regional rural banks will remain open on Sunday (September 27). The decision comes ahead of a proposed three-day nationwide strike from September 28-30 by the United Forum of Bank Unions (UFBU). The Ministry of Finance issued a statement confirming the move earlier today.
Potential impact
Proposed strike by UFBU comes just after weekend holidays
The proposed strike by UFBU comes just after the weekend holidays on September 26 and 27. This timing could have led to an extended disruption for customers, the Ministry of Finance noted in its statement.
Operational approval
RBI approves operation of all bank branches, currency chests
The Reserve Bank of India (RBI) has also approved the operation of all bank branches, offices, ATM-linked branches, and currency chests on September 27.
This will keep the entire banking network fully functional on this additional working day.
The government said this step is being taken considering both the proposed strike and the preceding weekend holidays.
Appeal
Government appeals to unions to defer strike
The government and bank managements have appealed to the unions to defer their proposed strike.
They have also taken measures to ensure that essential banking services continue uninterrupted.
The Ministry of Finance reiterated that "the welfare and convenience of bank customers remains the Government's foremost priority."
This appeal comes as UFBU plans a three-day nationwide strike starting September 28 after an inconclusive conciliation meeting earlier this week.
Demand
Main demands of UFBU
UFBU, which claims to represent 90% of the banking workforce, is mainly demanding a five-day banking week.
After the meeting with government representatives, UFBU said it would consider deferring the strike if there are positive developments toward implementing its demand.
Other demands include pension updates/improvements, a uniform dearness allowance formula for all pensioners, and an option for NPS employees to switch to OPS.