New Delhi: Employees of public sector banks across the country will be on strike today. According to PTI, the United Forum of Bank Unions (UFBU) has called for the strike, demanding the implementation of a 5-day work week for bank employees.
Due to the strike, services such as cash transactions and cheque clearance at public sector banks are likely to be disrupted.
This will be the fourth consecutive day when banking operations are affected, following the fourth Saturday of the month (23 January), Sunday (25 January), and the Republic Day holiday (26 January). However, banks have not officially announced the closure of branches. Private banks will function normally, as they are not part of UFBU.
Why are bank employees on strike?
The core issue between bank unions and the government is related to Saturday holidays. Bank employees have been demanding a 5-day work week for a long time.
In March 2024, during the 12th Bipartite Settlement between the Indian Banks’ Association (IBA) and bank unions, there was an agreement to declare all Saturdays as holidays. However, despite this agreement, the official government notification has not yet been issued.
Unions argue that they are asking for a balanced work system and are willing to work 40 extra minutes each day in exchange for a 5-day work week.
Currently, banks remain closed only on the second and fourth Saturdays of every month. The unions want the government to immediately issue an official notification to implement the agreed changes.
Impact of the strike on the public
Branch-related work may come to a halt: Tasks such as cash deposits, issuing new cheque books, or KYC updates may be affected.
Delay in cheque clearance: Since many cheque-clearing processes are handled through public sector banks, clearances may be delayed by 2–3 days, potentially affecting payments.
Cash shortage in ATMs: With banks closed for three consecutive days, there is a higher chance of ATMs running out of cash—especially in smaller towns and residential areas.
Loans and official banking work: Loan approvals or issuance of documents like NOCs may get delayed until Wednesday or Thursday.
Which services will continue to operate?
UPI and digital payments: Google Pay, PhonePe, Paytm, BHIM UPI, and other digital payment platforms will function normally for in-store and online payments.
Internet and mobile banking: Services such as IMPS, NEFT, RTGS transfers, balance checks, and bill payments will remain available.
Private banks: Major private banks like HDFC Bank, ICICI Bank, and Axis Bank will remain open and function as usual.
ATMs: ATMs are not officially shut. If cash is available, customers will be able to withdraw money using their cards.
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