IndiGo flight makes abnormal runway contact in Blr

The proposed three-day nationwide bank strike from September 28 to 30 has been deferred. The Indian Banks' Association (IBA) and the United Forum of Bank Unions (UFBU) reached an understanding during a meeting on Sunday night, according to UBFU circular shared by ANI.The UFBU announced the decision in a circular issued on September 27, after the meeting held at 9.30 pm. With the strike deferred, the union body said the immediate disruption planned for September 28 to 30 will not take place.134523692Are banks open today: Will banks open as usual on Monday?Banks will remain open on Monday (September 28). According to the UFBU circular, the disruption planned for September 28 to 30 will not happen. Customers do not need to change their plans for cash, cheques or other branch work this week.

The strike was to come right after the weekend holidays on September 26 and 27. To avoid a long break in services, the government had told public sector banks and regional rural banks to work normally on Sunday, TOI reported. The Reserve Bank of India had also approved the opening of bank branches, offices, ATM-linked branches and currency chests on Sunday. Bank of India had separately approved similar operations.

Bank strike news: What did IBA and UFBU agree on?According to the UFBU circular, a high level committee of the IBA and UFBU will be formed immediately. The panel will discuss the demand to declare the remaining Saturdays as holidays. It will also look at other options and try to reach a solution that works for all stakeholders, including customers.

On the performance linked incentive (PLI) scheme for Scale IV and above officers, both sides agreed that talks can begin with the IBA proposing changes to the government. These changes are meant to address the points raised by unions and associations.

The two sides will also discuss the leftover issues listed in the minutes dated March 8, 2024. The aim is to solve them early. The union forum said the proposed agitation programmes and strike actions will be deferred in view of these steps.

Bank strike deferred: 5-day banking week demandThe UFBU had been asking for a five-day banking week. This was one of the key reasons behind the proposed strike. In simple words, unions want banks to stay closed on all Saturdays, and not only some of them.

TOI reported that the demand has remained under consideration. The finance ministry had earlier said it had made no commitment to implement it. So Sunday's understanding does not settle the matter. It only creates a committee to study it.

A conciliation meeting earlier in the week had also ended without a result, TOI reported. At that time, the UFBU had said it would go ahead with the September 28 to 30 strike if there was no concrete progress on five-day banking. The Sunday night meeting changed that picture, just hours before the strike was to begin.

Bank strike latest updates: All Saturdays as bank holidaysThe committee has been asked to look at the remaining Saturdays. Nothing has been decided yet. There is no new rule on Saturday holidays, and banks will follow their current schedule until the government takes a call.

The circular also says the committee will explore alternatives. It has not said what these alternatives could be. Whatever the panel suggests, the circular says it should be acceptable to customers too.

PLI scheme for senior bank officersThe second big issue is the performance linked incentive scheme for Scale IV and above officers. PLI is extra pay linked to how an officer performs.

Under the understanding, the IBA will send its proposed changes to the government. The talks will start from there. Nothing has been said yet on scrapping the scheme, and the circular only speaks of modifications.3-day Bank strike: Pension and other demandsThe unions had also sought better pension benefits. They asked for a uniform dearness allowance formula for all pensioners. They also wanted an option for employees under the National Pension System (NPS) to shift to the old pension scheme (OPS).

The circular names the five-day week, the PLI scheme and the leftover issues from the March 2024 minutes as the items to be taken up.

Bank unions strike: Why September 30 matteredThe timing of the strike was important. September 30 is the half-yearly closing of banks. Work such as reconciliation, provisioning, treasury and market activities takes place around this time.

The strike would have covered this date. That is one reason the government asked banks to work on Sunday and why last minute talks were held on the same night.

The unions had already held a nationwide strike on September 11. The three-day plan was the next step in the same dispute.134529410Bank strike deferred: What happens next?Both sides now move to the committee and the talks on the incentive scheme. The circular does not give a date for the committee's first meeting. It also does not say when a decision on Saturdays can be expected.

For now, customers can expect banks to function as usual, and the planned disruption from September 28 to 30 will not take place. Inputs from Agencies