New Delhi, Jan 24 (NationPress) Prominent unions representing bank employees and officers in India have declared a nationwide strike scheduled for January 27, advocating for the implementation of a five-day work week within the banking industry. The strike will commence at midnight on January 26 and will extend until midnight on January 27, potentially disrupting banking operations nationwide, as reported by NDTV Profit.

The strike notice has been issued by the United Forum of Bank Unions (UFBU), a collective that comprises nine bank unions.

This notice has been communicated to the Indian Banks’ Association (IBA), the Chief Labour Commissioner, and the Department of Financial Services (DFS) under the provisions of the Industrial Disputes Act of 1947.

The unions' primary demand is government endorsement to designate all Saturdays as bank holidays, thereby facilitating a five-day work week.

The UFBU noted that the IBA has already recommended this initiative to the government, based on a memorandum of understanding established between the IBA and UFBU on December 7, 2023, followed by a settlement and joint note released on March 8, 2024.

Nonetheless, the unions have expressed that the proposal is still pending final approval from the government and banking regulators.

The unions clarified that their push for a five-day work week is not a recent development.

This demand traces back to 2015, when banks began observing holidays on the second and fourth Saturdays of each month.

Since that time, multiple discussions have occurred with the IBA, leading to broad agreements.

The unions have also consented to extend daily working hours by approximately 40 minutes to maintain the total weekly working time.

Despite these discussions and the assurances provided during conciliation meetings, the unions lament that no tangible progress has been made for over nine months. This lack of advancement has compelled them to reignite their agitation.