Bank union strike called off? Are banks open today on March 24? Check latest updates here

Are the public sector banks (PSBs), including the State Bank of India, open or closed today or tomorrow on March 24-25? Is the bank's unions strike called off? We answer these questions and bring you the latest update on the situation.

Banks are open and functioning as normal on March 24, as the various bank unions on March 21 called off their proposed nationwide strike, following resumption of talks with the Indian Banking Association (IBA) and assurances from the Finance Ministry, PTI reported.

The nationwide strike, originally scheduled for two-days (March 24-25), was called by the United Forum of Bank Unions (UFBU), which comprises nine banks unions from across India.

Bank Strike: Is there New Date? Is it Completely Cancelled?

The Chief Labour Commissioner has set the next date for the hearing on April 22, 2025. Further, the IBA has been asked to submit a progress report on the status of their demands. Complete call-off of the strike or a new date is expected to be decided post this.

Banks' nationwide strike postponed: How and Why

The UFBU's Chief Labour Commissioner decided to defer the intended strike, after calling all related parties for a consultation meeting on March 21.

During this meet, the Ministry and IBA assured UFBU that all their demands would be deliberated.

Earlier on March 13, the umbrella body had said that its discussions with the IBA had fallen through.

What Are Bank Unions Demanding?

• UFBU has demanded recruitment for vacancies across job cadres (workmen, officer and director posts) in PSBs and to provide branches with adequate staff to improve customer service.
• The union has demanded the regularisation of all temporary employees working in the banking sector.
• They have also demanded a five-day work week for all banks, aligned with the Reserve Bank of India (RBI), insurance companies, and other government offices.
• Withdrawal of directives on performance reviews and performance-linked incentives issued by the Department of Financial Services (DFS). Unions alleged that such PLIs threatened job security and employee relationships, violate the Eighth Joint Note, and undermine the autonomy of PSBs.
• They have also raised issues with the DFS's “micromanagement” of PSBs and claimed that such interventions “undermine the autonomy of the bank boards.”
• Demand for safety of bank officers and staff against assaults and abuses by unruly public members.
• Amend the Gratuity Act to increase the ceiling to ₹25 lakh, making it similar to the government employees schemes, with exemption to income tax.
• Stop the outsourcing of permanent jobs within the banking sector and halt any unfair labour practices in the banking industry.

Who Are UFBU Members? Who Are Related Parties?

The UFBU's members include the All India Bank Employees Association (AIBEA), All India Bank Officers' Association (AIBOA), All India Bank Officers' Confederation (AIBOC), Bank Employees' Confederation of India (BEFI), and National Confederation of Bank Employees (NCBE), among others.

Related parties in this talk are the Unions, the Finance Ministry and the IBA.

(With inputs from PTI)