New Delhi: Major bank employee and officer unions in India have announced a nationwide strike on January 27 to press for the introduction of a five-day work week in the banking sector.  

The strike will begin at midnight on January 26 and continue until midnight on January 27, potentially affecting banking services across the country, according to NDTV Profit report.

The strike notice has been issued by the United Forum of Bank Unions (UFBU), a joint platform representing nine bank unions.

The notice has been sent to the Indian Banks’ Association (IBA), the Chief Labour Commissioner and the Department of Financial Services (DFS) under the Industrial Disputes Act, 1947.

According to the unions, the main demand is government approval to declare all Saturdays as bank holidays, thereby introducing a five-day work week.

The UFBU said that the IBA has already recommended this proposal to the government. The recommendation is based on a memorandum of understanding signed between the IBA and UFBU on December 7, 2023, followed by a settlement and joint note issued on March 8, 2024.

However, the unions said the proposal is still awaiting final clearance from the government and banking regulators.

The unions explained that their demand for a five-day work week is not new.

It dates back to 2015, when banks started observing holidays on the second and fourth Saturdays of every month.

Since then, several rounds of discussions have taken place with the IBA, and broad agreements have been reached.

The unions have also agreed to extend daily working hours by about 40 minutes so that there is no reduction in total weekly working time.

Despite these discussions and assurances given during conciliation meetings, the unions said there has been no concrete progress for more than nine months. This delay, they said, has forced them to resume agitation.