Bank Holiday: Cash transactions, check clearance, and administrative functions at public sector banks may be affected today. However, digital banking services such as UPI and internet banking will continue to function smoothly.
Add informalnewz.com as a Preferred Source
Bank Holiday: After the January 26th holiday, if you have any urgent banking work to do today, you should know this important news before leaving home for the branch. Banking work may be disrupted on Tuesday. Public sector banks across the country are on strike on January 27th. The United Forum of Bank Unions (UFBU) has announced a nationwide strike demanding the immediate implementation of a five-day work week.
No concrete assurances from the government
According to reports, the UFBU, a joint forum of nine bank unions, took this decision after the conciliation meeting with the Chief Labor Commissioner on January 23rd failed to yield any positive results. The unions say they received no concrete assurances from the government on their demands. C.H. Venkatachalam, general secretary of the All India Bank Employees Association (AIBEA), said that the conciliation process was discussed in detail, but no clear assurances were received on their demands. This is why they were forced to resort to strike action. During the wage revision in March 2024, the Indian Banks’ Association (IBA) and the UFBU had agreed to declare all Saturdays as holidays.
There will be no loss of working hours
The unions say that the government is still not taking any action on their legitimate demands. The five-day work week will not result in any loss of working hours, as they have agreed to work 40 minutes extra daily from Monday to Friday. L. Chandrashekhar, general secretary of the National Confederation of Bank Employees (NCBE), clarified that the movement is not against customers. He said that a balanced and rested bank employee can better serve the country. Five-day banking is not a convenience, but an economic and humanitarian necessity.
Services at Private Banks Will Remain Normal
While cash transactions, check clearance, and administrative work at public sector banks are likely to be affected due to the strike, services at private banks are expected to remain normal as their employees are not participating in the strike. Digital banking services such as UPI and internet banking will continue smoothly, although cash availability at ATMs may be affected in some areas due to logistical reasons.
Informed Stock Exchanges
Banks have informed stock exchanges about the potential impact of the strike. SBI stated in a regulatory filing that while the bank has made necessary arrangements to ensure normal operations on the day of the strike, the possibility of disruptions cannot be ruled out. Currently, banks are open on the first, third, and fifth Saturdays of the month. Unions are demanding that all Saturdays be declared holidays.
Add informalnewz.com as a Preferred Source
DISCLAIMER
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at informalnewz@gmail.com
