Are banks open or closed today? Here’s what customers need to know

Source : INDIA TODAY NEWS

Banks are expected to remain open today, September 28, after the United Forum of Bank Unions (UFBU) deferred its proposed three-day nationwide strike following late-night talks with the Indian Banks’ Association (IBA).

The strike was scheduled from September 28 to September 30. However, a September 27 circular issued by the UFBU said an understanding had been reached with the IBA and that the proposed strike and agitation programmes would be deferred.

This means customers should not expect a nationwide bank shutdown today.

ARE BANKS OPEN TODAY?

Yes. The proposed nationwide strike has been deferred, so bank branches are expected to function normally today, September 28.

The UFBU said the decision was taken after a meeting with the IBA that began at 9.30 pm on September 27.

The union’s circular said a high-level committee comprising representatives of the IBA and UFBU would be formed immediately to discuss the issue of declaring the remaining Saturdays as holidays.

The committee will examine all possible alternatives and consult stakeholders, including customers, before working towards a solution.

IS THE BANK STRIKE CANCELLED?

No. The strike has been deferred, not cancelled.

The UFBU circular says the proposed agitation programmes and strike actions have been deferred following the understanding reached with the IBA.

This means the issues raised by bank unions are still under discussion and the possibility of further action cannot be ruled out.

WHY WAS THE BANK STRIKE DEFERRED?

The key development is the agreement to set up a high-level committee to examine the demand for a five-day banking week.

Bank unions have been demanding that all Saturdays be declared holidays. At present, bank branches are generally closed on the second and fourth Saturdays, along with Sundays.

The new committee will look at the demand, examine possible alternatives and consult all stakeholders, including customers.

The two sides will also discuss the Performance Linked Incentive (PLI) scheme for Scale IV and above officers. According to the UFBU circular, discussions on the scheme can start with the government participating to address the observations raised by the unions and associations.

Other pending issues listed in the minutes of the March 8, 2024 meeting will also be discussed between the IBA and UFBU for an early resolution.

WHAT WERE BANK UNIONS DEMANDING?

The main demand has been implementation of a five-day banking week, which would mean making all Saturdays holidays.

The unions have also raised issues relating to pension benefits and dearness allowance for pensioners, besides seeking an option for employees covered under the National Pension System (NPS) to move to the Old Pension Scheme.

The UFBU had also held a one-day nationwide strike on September 11 over these issues.

WHAT HAPPENS TO BANKING SERVICES TODAY?

With the strike deferred, customers can visit bank branches today for regular branch-related work.

Digital banking services such as UPI, mobile banking, internet banking and ATMs can also continue to be used as usual.

The immediate concern of a three-day branch shutdown from September 28 to September 30 has therefore been removed.

However, customers with transactions or services that specifically require branch staff should still check their individual bank’s communication for any local or branch-specific changes.

WILL BANKS BE CLOSED ON ALL SATURDAYS NOW?

Not yet.

The formation of the high-level committee does not mean that the five-day banking week has been approved.

The committee will examine the demand to declare the remaining Saturdays as holidays and consider possible alternatives. Any final change would come only after the issue is examined and the required process is completed.

For now, the existing Saturday arrangement remains in place.

The IBA-UFBU committee will take up the five-day banking demand, the PLI issue for Scale IV and above officers and other pending matters.

The immediate takeaway for customers is simple: banks are open today, September 28, as the proposed strike has been deferred.

But the underlying issues have not been fully resolved. The next step will be the discussions through the newly proposed high-level committee.

– Ends

SOURCE :- TIMES OF INDIA