Banks to remain closed for 4 days as unions call nationwide strike

Banks across the country are likely to remain shut for four consecutive days from January 24 to 27 as bank employee unions have announced a nationwide strike on January 27 over their long-pending demand for a five-day work week.

The planned nationwide strike on January 27, preceded by a weekend and Republic Day.  Several public sector banks have already alerted customers about the possible interruption in services.

The United Forum of Bank Unions (UFBU), which represents nine major unions of bank officers and employees, said the decision to proceed with the strike was taken after conciliation talks failed to yield any breakthrough. The discussions, held on Wednesday and Thursday under the Chief Labour Commissioner, were attended by representatives of the Indian Banks’ Association, individual banks, the Department of Financial Services and the Ministry of Finance.

“Despite detailed discussions, there was no positive outcome,” UFBU said in a statement, adding that unions had no option but to go ahead with the strike on January 27.

At present, bank employees get Sundays and the second and fourth Saturdays off each month. UFBU has been demanding a uniform five-day work week, noting that the proposal was agreed upon with the Indian Banks’ Association during the wage revision settlement in March 2024.

The unions have argued that the change would not lead to a loss of productivity, as employees have agreed to work an additional 40 minutes each day from Monday to Friday. Institutions such as the RBI, LIC, GIC, stock exchanges and government offices already follow a five-day schedule.

The strike is expected to mainly affect public sector banks and some old-generation private banks. Branches of large private sector banks such as HDFC Bank, ICICI Bank and Kotak Mahindra Bank are unlikely to be impacted.