Banks May Face Disruption On Jan 27, Unions Press Govt For Five-Day Work Week

New Delhi: Major bank employee and officer unions across India have called for a nationwide strike on January 27 to demand a five-day work week in the banking sector. The strike will start from midnight on January 26 and continue till midnight on January 27, which may disrupt banking services across the country.

Strike called by bank unions

The strike has been announced by the United Forum of Bank Unions (UFBU), which represents nine major bank unions. The strike notice has been sent to the Indian Banks’ Association (IBA), the Chief Labour Commissioner, and the Department of Financial Services (DFS) under the Industrial Disputes Act, 1947.

Main demand: Five-day work week

The unions are demanding that all Saturdays be declared bank holidays, so banks operate only from Monday to Friday. This move will bring banks in line with many other sectors that already follow a five-day work week.

IBA has already recommended the proposal

According to the unions, the IBA has already recommended the five-day work week to the government. This recommendation was part of an agreement signed on December 7, 2023, followed by a joint settlement issued on March 8, 2024. However, the proposal is still waiting for final approval from the government and banking regulators.

Demand pending for years

The unions said the demand is not new. It dates back to 2015, when banks started observing holidays on the second and fourth Saturdays every month. Since then, several talks have been held and broad agreements were reached.

No loss of work hours, say unions

To address concerns, the unions have agreed to extend daily working hours by about 40 minutes so that the total weekly working time remains the same.

Delay forced unions to act

Despite assurances during conciliation meetings, there has been no progress for more than nine months, unions said. This delay has forced them to resume agitation and call for the strike.