Nationwide bank strike on January 27: Reason and impact explained
What's the story
Bankers' unions have called for a nationwide strike on January 27, demanding a five-day work week. The All India Bank Officers's Confederation (AIBOC) announced the strike in response to the Indian government's lack of action on their demand. The union said that this was already agreed upon during the wage revision settlement between the Indian Banks's Association (IBA) and bank unions in March 2024.
Union's stance
AIBOC's criticism of government's inaction
The AIBOC criticized the government for not responding to their demands. It pointed out that other institutions like RBI, LIC, and GIC already follow a five-day work week. The union argued that central and state government offices don't work on Saturdays, so there is no reason why banks can't do the same.
Service disruption
Strike impact on banking services
The strike is likely to affect banking services across public and private sector banks. This includes branch operations, cheque clearances, cash transactions, and customer services. However, online and ATM services may continue with minimal disruption. The unions under the United Forum of Bank Unions (UFBU) have been campaigning for this demand through demonstrations across the country and a social media campaign on X (formerly Twitter).
Campaign details
Unions' flexibility and campaign success
The unions have shown flexibility by agreeing to work an extra 40 minutes per day from Monday to Friday, ensuring no loss of man-hours. Their social media campaign on X received over 18.8 lakh impressions and about three lakh posts, which they termed a "commendable success." Despite these efforts, the government has not moved forward with implementation, prompting the decision to escalate their agitation through a nationwide strike.