Bank Strike September 28-30: India’s 8 Lakh Employees Demand 5-Day Week

Bank unions in India have called a three-day nationwide strike from September 28 to 30, affecting approximately 8 lakh employees across public sector banks. The strike follows a one-day walkout on September 11 and centers on the government’s failure to implement a five-day workweek agreement signed on March 8, 2024. Customers face potential service disruptions as the strike overlaps with weekend closures.

Why bank employees are striking

The United Forum of Bank Unions (UFBU) and seven other unions signed a five-day workweek agreement with the Indian Banks’ Association (IBA) on March 8, 2024. Under the deal, employees agreed to work an additional 40 minutes daily to compensate for two extra monthly holidays. The government has not implemented this agreement. Additionally, the Performance-Linked Incentive (PLI) scheme was revised unilaterally, creating disparities between employees and senior officers, according to National Confederation of Bank Employees general secretary L. Chandrashekhar.

Five consecutive days of bank closures expected

Customers will face disrupted banking services from September 26 to 30. September 26 is the fourth Saturday of the month, a regular bank holiday. September 27 is Sunday, the weekly public holiday. The three-day strike runs September 28 to 30. This creates a five-day closure window. The RBI approved opening branches on September 27, but the All India Bank Officers’ Association advised members not to report, citing September 27 as a holiday under the Industrial Disputes Act, creating confusion about actual operations.

Government and RBI’s response

On September 21, India’s Finance Ministry met with public sector bank chiefs, the IBA, and NABARD to decide on September 27 operations. The government announced that public sector and regional rural banks would remain open on Sunday. The RBI approved opening branches, ATMs, and currency chests on that date. However, the government has never committed to implementing the five-day workweek, according to multiple union statements. SBI confirmed its branches will attempt to open on September 27 despite the officer association’s advisory against reporting.

Private banks and digital alternatives

Private banks typically follow their own weekend schedules and are not directly affected by the public sector strike. Customers are advised to check official confirmation from their respective banks for inter-bank transactions and cheque clearing. Banks have advised customers to use digital platforms for transactions during the closure period. An indefinite strike is planned from October 26 if demands are not met.

Final Thoughts

With five consecutive days of bank closures looming and the government refusing to honor the March 2024 five-day workweek agreement, Indian depositors and businesses should complete critical transactions by September 25 or shift to digital banking. The standoff signals deeper labor unrest in the banking sector.

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