The United Forum of Bank Unions (UFBU) has announced the withdrawal of the nationwide two-day bank strike scheduled for March 24-25. 

The decision was made following successful discussions on key demands, which included the implementation of a five-day work week for bank employees.

The Indian Banks’ Association (IBA), representatives from the Department of Financial Services (DFS) under the Union Finance Ministry, and the Central Labor Commissioner (CLC) held discussions with bank employee unions to address their concerns.

The All India Bank Employees' Association (AIBEA), a key member of the UFBU, stated that last week’s negotiations with the government were productive. Several employee grievances and challenges were presented, and the government has assured a positive resolution, leading to the strike’s withdrawal.

Notably, the UFBU represents nine major banking unions, including AIBEA, AIBOC, NCBE, AIBOA, and BEFI. The next round of discussions between stakeholders is scheduled for the third week of April.

During the meeting, the Joint Secretary of the DFS attended via video call. Discussions focused on implementing a five-day work week, new recruitment, performance-linked incentives (PLI), and other employee concerns. Bank employees also highlighted the need to reduce workload by hiring additional staff and ensuring benefits for temporary workers.

With the strike now called off, banks across the country will function as usual on March 24 and 25. According to the Reserve Bank of India (RBI), there are no bank holidays under the Negotiable Instruments Act on these dates, ensuring normal banking operations nationwide.