On Tuesday, January 27, banking services at public sector banks across India are likely to be disrupted as the United Forum of Bank Unions (UFBU) goes ahead with its planned strike over its long-pending demand for a five-day workweek. The UFBU is an umbrella body representing nine unions of bank officers and employees.
As the UFBU consists of public sector bank unions in India, private sector banks like ICICI Bank, HDFC Bank, Kotak Mahindra Bank, and Axis Bank are anticipated to operate as usual and not be impacted by the strike on January 27.
Key public sector lenders, including the State Bank of India (SBI) and Punjab National Bank (PNB), are likely to remain closed. Banks had already been shut on January 24, 25 and 26 due to the second Saturday, Sunday and the Republic Day holiday.
Private-sector banks may remain unaffected, but public sector banking operations are likely to be disrupted on Tuesday, January 27, as bank employee unions call for a nationwide strike demanding a five-day workweek.
Should the strike planned for January 23 proceed, public sector banks might experience significant disruptions, potentially leaving customers without services for a third consecutive day following closures on January 25 and 26. SBI has warned that operations on January 27 might be impacted, and most public sector banks have already informed customers about potential service interruptions.
“In this connection, we advise that while the Bank has made necessary arrangements to ensure normal functioning in its branches and offices on the day of strike, it is likely that work in the Bank may be impacted by the Strike,” an official statement from SBI read.
The United Forum of Bank Unions (UFBU), an umbrella group that includes nine significant bank unions in India and represents workers and officers from public sector banks and some older private banks, conducted meetings with the chief labour commissioner on Wednesday and Thursday. Following these discussions, the union announced in a statement that it would proceed with the strike since the meetings were unproductive.
The UFBU says banks should switch to a five-day workweek like other institutions such as the RBI, LIC, GIC, stock exchanges, and government offices. Bank employees argue there is no reason for banks to operate on a shorter week and are disappointed that the government has not addressed their demand. Currently, banks are closed on Sundays and on the second and fourth Saturdays of each month.