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[BUSINESS] · India · 73 sources

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Bank strike in India deferred after IBA and UFBU agreement

The proposed three-day nationwide bank strike by the United Forum of Bank Unions (UFBU), originally scheduled from September 28 to September 30, 2026, has been deferred. The decision followed an emergency meeting between the UFBU and the Indian Banks' Association (IBA) on Sunday night.

To prevent a prolonged five-day shutdown following a weekend of holidays, the Ministry of Finance and the Reserve Bank of India (RBI) had previously mandated that public sector and regional rural banks remain operational on Sunday, September 27. Additionally, the State Bank of India (SBI) announced it would waive ATM transaction charges during the strike period to assist customers.

As part of the agreement to defer the strike, a high-level joint committee comprising representatives from both the IBA and UFBU will be formed to investigate the demand for a five-day banking week, which includes declaring all Saturdays as holidays. The committee will also explore solutions that balance the interests of employees and customers. Furthermore, the IBA agreed to discuss modifications to the Performance Linked Incentive (PLI) scheme for Scale IV and above officers and address other pending issues from previous negotiations.

Entities

All India Bank Officers Association · All India Bank Officers' Association · India · Indian Banks' Association · Ministry of Finance · Reserve Bank of India · State Bank of India · United Forum of Bank Unions

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