In a decisive escalation, India’s bank unions have declared a countrywide strike for January 27, zeroing in on the elusive five-day work week. Led by the influential United Forum of Bank Unions (UFBU) of nine affiliates, the move signals deepening rift with management.
The 24-hour shutdown begins post-midnight on January 26, risking Republic Day holiday extensions into service blackouts for millions dependent on banks.
IBA, regulators, and labour bodies received statutory strike notices. Unions demand blanket Saturday closures, transitioning from partial offs since 2015 to full weekends, backed by IBA’s own referral to authorities after 2023-24 pacts.
Negotiations have been marathon-like, with unions flexibly offering 40-minute daily extensions to offset hours. Yet, ‘no progress in nine months’ prompted this step, as verbal commitments from talks evaporated.
This isn’t impulsive; it’s the culmination of a reform odyssey addressing fatigue in a sector powering economic growth. Unions frame it as equity: why should bankers toil six days while others rest?
Stakeholders from customers to policymakers face a reckoning. A pre-strike deal remains possible, but UFBU’s resolve—forged in past victories—portends real impact unless demands materialize, heralding potential waves of industrial action.