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Banking Services to Hit on March 24 and 25: UFBU Called for Nationwide Strike

Written by: Sachin GuptaUpdated on: Mar 18, 2025, 10:38 AM IST
On March 24 and March 25, banking services will take a hit due to a nationwide strike called by UFBU for demand such as improved recruitment across all levels.
Banking Services to Hit on March 24 and 25: UFBU Called for Nationwide Strike
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Banking services in India will be disrupted on March 24 and March 25 due to a nationwide two-day strike called by the United Forum of Bank Unions (UFBU). This means that all private and public sector banks will be closed for 2 days. The strike is in response to several demands, including improved recruitment across all levels, regularization of temporary employees, and the introduction of a 5-day work week in the banking sector.

UFBU is a coalition of 9 bank unions representing over eight lakh employees and officers across public sector banks, private sector banks, foreign banks, cooperative banks, and regional rural banks.

The unions have also voiced their opposition to a recent directive from the Department of Financial Services (DFS) regarding performance-linked incentives and reviews. They argue that such measures create uncertainty for employees and should be revoked.

Key Issues Driving the Strike

According to L. Chandrasekhar, General Secretary of the National Confederation of Bank Employees (NCBE), despite several rounds of discussions, the Indian Banks’ Association (IBA) has failed to address critical concerns, such as:

  • Recruitment across all levels to address staff shortages.
  • Filling of workmen and officer director positions in public sector banks.
  • Withdrawal of performance review and incentive directives from the DFS, which unions claim jeopardise job security.
  • Opposition to “micro-management” by the DFS, arguing that excessive intervention undermines the autonomy of bank boards.
  • Amendments to the Gratuity Act, seeking an increase in the ceiling to ₹25 lakh, aligning it with the benefits offered to government employees.
  • Exemption of gratuity from income tax.

Who is part of the UFBU?

The UFBU represents nine major bank employees’ unions, including:

  • All India Bank Employees Association (AIBEA)
  • All India Bank Officers’ Confederation (AIBOC)
  • National Confederation of Bank Employees (NCBE)
  • All India Bank Officers’ Association (AIBOA)
  • Bank Employees Federation of India (BEFI)
  • Indian National Bank Employees Congress (INBEC)
  • Indian National Bank Officers’ Congress (INBOC)
  • National Organisation of Bank Workers (NOBW)
  • National Organisation of Bank Officers (NOBO)

 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Published on: Mar 18, 2025, 10:38 AM IST

Sachin Gupta

Sachin Gupta is a Content Writer with 6+ years of experience in the stock market, including global markets like the US, Canada, and Australia. At Angel One, Sachin specialises in creating financial content that simplifies complex market trends. Sachin holds a Master's in Commerce, specialising in Economics.

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