Banking services across India, especially in state-owned banks, could be affected for next two days as several bank employees’ unions have decided to sit on a two-day bank strike from tomorrow, January 31, 2020. The bank unions have announced that they would sit on strike on January 31 and February 1, which means banks will be closed for 3 days as February 3 is Sunday.

Highlights:

  • Banking services could also be affected on Budget day
  • Several banks and even ATMs could be shut for three consecutive days due to the bank strike

Banking services across India, particularly in PSU banks, could be affected for two days from tomorrow as several bank employees’ unions have decided to sit on a two-day bank strike. Thousands of bank employees, who have been waiting for a pay hike since November 2017, are likely to join the protest. The timing of the bank strike coincides with the opening of the Budget session of the Parliament from January 31 when the Economic Survey would be presented. A day later, on February 1, finance minister Nirmala Sitharaman would unveil the Union Budget for 2020-21.

Several banks, including State Bank of India and IDBI, have informed Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) about industry-wide bank trade unions’ strike. Banks have also warned their customers that its services will be impacted for two days from January 31, 2020, to February 01, 2020.

Demands from the Bank unions are; 20 per cent pay hike on payslip components, 5-day work week, scrapping of the new pension scheme, merger of special allowance with basic pay. The Bank employees have been waiting for a pay hike since November 2017 are likely to join the protest. Bank strike’s timing corresponds with the Economic Survey and Union Budget FY20-21.

Both, finance ministry and labour department officials had tried to convince the bank unions against going on the strike. However, the matter between the United Forum of Bank Unions (UFBU) and the Indian Banks’ Association (IBA) couldn’t be resolved due to differences.

United Forum of Bank Unions — comprising of All India Bank Employees Association (AIBEA), All India Bank Officers Association (AIBOA), Bank Employees Federation of India (BEFI), Indian National Bank Employees Federation (INBEF), National Organisation of Bank Workers (NOBW), National Confederation of Bank Employees (NCBE), Indian National Bank Officers Congress (INBOC), All India Bank Officers’ Confederation (AIBOC) & National Organization of Bank Officers (NOBO)– have given nationwide strike call in support of their various demands.