Finance Ministry summons bank CEOs to safeguard services during upcoming three-day strike

The Finance Ministry has scheduled a meeting for Monday that will bring together the chief executives of India’s public sector banks and regional rural banks. Chaired by the Department of Financial Services secretary, the gathering aims to devise measures that will maintain continuity of essential banking operations while a three-day strike organized by the United Forum of Bank Unions runs from September 28 to 30. Because the weekend before the strike is a holiday, the disruption could extend to five days and overlap with the banking sector’s half-yearly closing.

UFBU, which claims to represent roughly 90 % of the banking workforce, previously staged a nationwide strike on September 11 over similar demands. In addition to the work stoppage, the unions are pressing for pension updates, a uniform dearness allowance formula for all pensioners, and the ability for employees under the National Pension System to switch back to the old pension scheme.