Bank Unions Declare Nationwide Strike on January 27 Demanding Five-Day Work Week Implementation

Bank unions across India have announced a nationwide strike on January 27, 2025, escalating their demand for implementation of a five-day work week that was reportedly agreed upon during wage negotiations in March 2024. The United Forum of Bank Unions (UFBU), representing nine prominent bank unions across public sector banks and select private banks, issued the strike call after alleging government inaction on their demands.

Strike Details and Union Demands

In a circular dated January 4, 2025, the All India Bank Officers' Confederation (AIBOC) and UFBU stated that the strike has been called following the government's failure to respond to demands agreed upon during the March 2024 wage revision settlement with the Indian Banks' Association. The unions specifically want the second and fourth Saturdays designated as holidays, which they claim was part of the original settlement agreement.

Union's Position and Justification

UFBU emphasized that their proposal would not result in loss of working hours, as they have agreed to extend daily working time by 40 minutes from Monday to Friday. The union expressed frustration in their statement, saying "It is unfortunate that the government is not responding to our genuine demand. There would be no loss of man hours because we have agreed to an extra 40 minutes working per day from Monday to Friday."

The unions point to precedent set by other financial institutions, highlighting that the Reserve Bank of India (RBI), Life Insurance Corporation (LIC), and General Insurance Corporation of India (GIC) have already adopted five-day working weeks. They also noted that foreign exchange markets, money markets, stock exchanges, and government offices do not operate on Saturdays.

Expected Impact on Banking Services

While banks will remain open on January 27, 2025, customer services are expected to face significant disruptions due to staff participation in the protest. The strike is likely to impact multiple banking operations across the country.

Industry Context

The UFBU serves as an umbrella organization representing staff and officers across India's public sector banks and select older private banks. This coordinated approach demonstrates the widespread nature of the demand across the banking sector. The strike represents an escalation in the ongoing dispute over work-week arrangements that has been pending since the March 2024 wage revision discussions.

The timing of the strike and the unions' emphasis on existing precedents in other financial institutions suggests they view the five-day work week as an industry standard that should be uniformly applied across all banking institutions in India.