Money & Banking

Bank strike: Banks to keep alternative channels open for customers 24X7, says IBA

Our Bureau Mumbai | Updated on January 30, 2020

In view of the two-day strike by bank staff on January 31 and February 1, the Indian Banks' Association (IBA) on Thursday said that for the convenience of customers, Banks will keep alternative channels, including digital channels of banking, open 24X7 for day to day banking.


The Association, in a statement, said despite the revised offer of up to 19 per cent hike, including performance linked incentive made from the IBA side, the unions, under the banner of the United Forum of Bank Unions (UFBU), have 'unfortunately decided to go ahead with an all-India Bank strike on January 31st and February 1st'. This strike will be followed by other agitational programmes.


During the meeting held on January 30th between the IBA's Wage Negotiating Committee and UFBU, the Committee explained the conditions of business, paying capacity of Banks and consistent efforts by Banks at providing various types of benefits to the employees from time to time.


"But Unions are pressing for such demands which are not possible to be accepted. One such demand is for 5-day banking. It is known that the economy of the country is going through testing times. Banks being the principal players in economic development cannot afford to provide lesser number of working days for banking activities," the Association said.


Emphasising that the country already has one of the highest number of public holidays than any other country, the statement observed that adding more holidays would create more problems for the public.


At the meeting, the IBA improved the wage revision offer from the earlier 12.25 per cent hike in pay slip components to 13.5 per cent and later to 15 per cent. However, the unions pressed, among others, for wage revision settlement at 20 per cent hike in pay slip components with adequate loading thereof, 5-day banking, and merger of special allowance with basic pay. This resulted in a deadlock and the unions decided to go ahead with the strike.

Published on January 30, 2020

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