Yesterday, the United Forum of Bank Unions (UFBU), comprising AIBEA, AIBOC, NCBE, AIBOA, BEFI, INBEF and INBOC, had served a strike notice, raising concerns over the delay in implementation of 5-day banking, the unilateral and discriminatory PLI scheme introduced by Department of Financial Services (DFS), etc.

UFBU has demanded immediate implementation of 5-day banking in accordance with the commitment recorded in the Settlement/Joint Note dated 8 March 2024. Despite the agreement and assurances, the matter remains pending for want of Government approval. The Forum has also strongly opposed the revised PLI scheme of DFS, which, according to UFBU, selectively benefits less than 5 percent of the workforce while excluding more than 95 percent of employees who collectively contribute to the growth and functioning of banks. The unions have objected to replacing the mutually agreed bank-performance-based PLI with an individual-performance-based system and have demanded that the scheme be kept in abeyance and suitably modified through bilateral discussions with the unions.

UFBU has also pointed out that the bilateral PLI scheme provides for a maximum incentive of 15 days' Basic Pay + DA, whereas the DFS-directed scheme provides for PLI of up to 365 days' Basic Pay, creating a discriminatory disparity within the workforce. UFBU has appealed to the Government and the Indian Banks' Association to resolve the issues through meaningful bilateral dialogue and honour the commitments already made.

The Forum has reiterated that the struggle is aimed at safeguarding fairness, collective bargaining, industrial harmony and the legitimate interests of the entire banking workforce.

The demonstration was attended by Rakesh (PNB), Puneet (Canara Bank), Naresh (BOB) besides a large number of bank employees and officers from various banks.

The gathering unanimously called upon the Government of India to clear all pending issues including according immediate approval for declaration of all Saturdays as holidays in the banking industry and implement the Five-Day Banking Week without further delay.