Banking services
Table of Contents
Banking services across India are anticipated to experience significant disruptions from March 22 to March 25, 2025, due to a series of events initiated by the United Forum of Bank Unions (UFBU). This period includes a weekend and a two-day nationwide strike, during which various banking operations are expected to be affected.
Key Dates and Impacted Services:
- March 22 (Saturday): As the fourth Saturday of the month, banks are traditionally closed, aligning with the Reserve Bank of India’s guidelines.
- March 23 (Sunday): Banks remain closed, consistent with standard weekly holidays.
- March 24-25 (Monday and Tuesday): The UFBU has called for a nationwide strike, leading to the closure of numerous banking operations. Services such as clearing house transactions, cash handling, remittances, and loan processing are expected to be disrupted. However, ATMs and online banking platforms may continue to function, though certain transactions could face delays.
Background of the Strike:
The UFBU, representing nine major bank unions, has organized this strike to press for several demands aimed at improving working conditions and addressing policy concerns within the banking sector. These demands include:
- Implementation of a Five-Day Work Week: Aligning with other financial institutions and government departments, the unions advocate for a five-day work schedule to enhance work-life balance and standardize operational practices. citeturn0search0
- Adequate Recruitment Across All Cadres: Addressing staffing shortages, the unions call for sufficient hiring to ensure optimal branch operations and quality customer service. citeturn0search2
- Regularization of Temporary Employees: The unions seek the formalization of temporary positions to provide job security and recognize the contributions of existing staff.
- Withdrawal of Performance Review Directives and Performance-Linked Incentives (PLI): Concerns have been raised about recent directives from the Department of Financial Services (DFS) regarding performance evaluations and PLIs, which are perceived to threaten job security and create divisions among employees. citeturn0search3
- Amendment of the Gratuity Act: Proposing an increase in the gratuity ceiling to ₹25 lakh, the unions aim to align benefits with those of government employees and provide tax exemptions.
- Filling of Workmen/Officer Director Positions: The unions emphasize the need to appoint directors in public sector banks to ensure effective governance and representation.
- Protection Against Assaults and Abuse: Ensuring the safety of bank staff from customer misconduct is a priority, with calls for stricter measures and support systems.
- Resolution of Pending Issues with the Indian Banks’ Association (IBA): Addressing unresolved matters with the IBA is crucial for maintaining harmonious labor-management relations.
- Ensuring Government’s Majority Stake in IDBI Bank: The unions advocate for the government to retain at least a 51% equity stake in IDBI Bank to preserve public sector interests.
Recommendations for Customers:
Given the extended closure of banking services during this period, customers are advised to:
- Plan Transactions Ahead: Schedule essential transactions before March 22 or after March 25 to avoid delays.
- Utilize Digital Channels: While some online services may be affected, many digital platforms might still process basic transactions. It’s prudent to verify the functionality of these services with your respective banks.
- Stay Informed: Keep abreast of updates from official bank communications regarding the status of services during the strike period.
- Visit Branches in Advance: For services that require physical presence, consider visiting bank branches before March 22 to complete necessary formalities.
Conclusion:
The forthcoming strike and the preceding holidays are set to cause considerable disruptions in banking operations. Customers should proactively manage their banking needs by planning transactions, leveraging digital platforms, and staying informed through official communications to mitigate the impact of these service interruptions.
