Public sector banks across India are closed today due to a nationwide bank strike India called by employee unions, leading to a three-day disruption of branch services. The action affects government-owned lenders and follows failed conciliation talks over a pending five-day workweek agreement.
Why bank strike India was called
The bank strike has been announced by the United Forum of Bank Unions, an umbrella group representing nine bank employee and officer unions. The strike aims to press for implementation of a five-day workweek that unions say was agreed upon but not enforced.
A wage revision settlement signed in March 2024 between the Indian Banks’ Association and the UFBU included a provision to make all Saturdays holidays. However, the proposal has not been implemented so far.
Currently, banks operate on the first, third, and fifth Saturdays of each month, while remaining closed on the second and fourth Saturdays and Sundays.
Talks that failed to stop the bank strike India
Ahead of the strike, the Chief Labour Commissioner held conciliation meetings on January 21 and January 22. Union representatives said the discussions did not result in any assurance on their core demand.
Union leaders stated that employees had agreed to work an additional 40 minutes each weekday to offset reduced working days. Despite this proposal, talks stalled, prompting unions to proceed with strike action.
The UFBU served formal strike notices to the Indian Banks’ Association, the Chief Labour Commissioner, and the Department of Financial Services under the Industrial Disputes Act, 1947.
How bank strike India affects customers
The bank strike India is expected to disrupt branch-based services at public sector banks. Cash deposits and withdrawals, cheque clearing, KYC services, doorstep banking, and routine administrative work are likely to be affected.
However, digital services are expected to remain available. Customers can use ATMs and automated deposit and withdrawal machines. UPI, mobile banking applications, and online banking platforms are also expected to function normally during the strike.
Which banks are impacted
The strike affects major government-owned lenders, including State Bank of India, Bank of Baroda, and Punjab National Bank.
Private sector banks are not part of the strike. Lenders such as HDFC Bank, ICICI Bank, and Kotak Mahindra Bank are expected to operate normally.
Several financial institutions, including the Reserve Bank of India, already follow a five-day workweek.
