Banks across India closed today:Union stages protest pressing demand for a 5-day work week

Government and some private banks across the country, including SBI, PNB and Union Bank, will remain closed for three consecutive days starting today. The United Forum of Bank Unions has announced a one-day strike on Friday over the demand for a five-day workweek, which has been pending for two years. After this, bank branches will remain closed because September 12 is the second Saturday of the month and September 13 is a Sunday. If the government and bank management do not accept the demands, an indefinite strike will begin at banks across the country from October 26. Banks have told their customers that branch-level services may be affected due to the strike. However, digital services such as UPI, mobile banking and ATMs will continue to operate during this period. Approval for 5-Day Banking Stuck for 2 Years UFBU says that the 12th Bipartite Settlement and the 9th Joint Note were signed with the Indian Banks’ Association, or IBA, on March 8, 2024. The agreement included implementing 5-day banking. Under this arrangement, employees would work 40 minutes extra every day from Monday to Friday. The IBA approved the proposal and sent it to the central government, but even after more than two years, it has not received approval from the Ministry of Finance. What Is the 5-Day Banking Proposal? Controversy Over New PLI Scheme: Benefits Senior Officers, Discriminates Against Lower-Level Staff Unions have opposed the new PLI guidelines issued by the Department of Financial Services under the Ministry of Finance. The unions allege that the scheme is discriminatory: UFBU argues that PLI should be based entirely on the bank’s overall performance and that all employees up to Scale VII should receive an incentive for the same number of days. This new rule violates the agreement reached between the IBA and the unions. Case Reaches Delhi High Court and Chief Labour Commissioner The dispute over the PLI scheme is now pending before the Chief Labour Commissioner under the conciliation process. In addition, the matter has also been challenged in the Delhi High Court. The unions have demanded that the incentive scheme be amended through bilateral negotiations. Demand for Pension Updation and OPS Also Raised