Pune, 28th September 2026: The United Forum of Bank Unions (UFBU) has suspended its planned nationwide strike after reaching a positive agreement with the Indian Banks' Association (IBA) during a meeting held on Sunday night (September 27). The decision is expected to provide relief to bank customers and traders, particularly during the festive season.
During the meeting, both sides agreed to form a high-level committee to examine the demand for a five-day workweek, under which all Saturdays would be declared holidays. The committee will consider customers' interests and work towards a mutually acceptable solution.
The meeting also addressed objections raised by bank unions over the proposed Performance Linked Incentive (PLI) scheme for senior officers in Scale IV and above. Both sides agreed to discuss the concerns and submit a revised proposal to the government.
In addition, the IBA and UFBU agreed to expedite discussions on the remaining pending demands under the agreement signed on March 8, 2024, and work towards their early resolution.
UFBU leaders C. H. Venkatachalam, Rupam Roy and other office-bearers announced the decision in a joint statement following the meeting. The suspension of the strike is expected to ensure the continuity of banking services and offer relief to customers during the festive period.