Nationwide strike : Banks to remain shut for three days - what customers need to know

Banks to remain shut for 5 daysDo you have a pending bank visit, payment or other transactions lined up for the month-end? You may want to get it done by Friday!Banking operations across the country are set to face disruption as bank unions have planed a three-day nationwide strike from September 28 to 30. With the strike following a weekend holiday, customers could face an effective five-day disruption in banking services.The timing is also significant as September 30 marks the half-yearly closing of banks, when reconciliation, provisioning, and treasury and market operations take place.What should customers do now?With banking services likely to face disruption around the end of September, customers may want to plan their banking requirements in advance. Several public sector banks have already advised customers to use digital channels if the strike goes ahead.Here’s what customers could do to avoid disruption:Complete branch-dependent work beforehand: Customers with requirements that need a branch visit or intervention from bank staff may need to plan them before the proposed strike period.Use mobile banking: Customers can use Mobile Banking for their banking needs.Use ATMs: ATMs are among the digital channels advised by public sector banks.Use internet banking: Customers can use Internet Banking for their banking needs.Use BC points: BC Points or business correspondents are also among the channels advised by public sector banks.Use UPI: Customers can use UPI for their banking needs.Services available through digital channels can continue to be accessed through those channels if the strike materialises. The disruption could also affect businesses, government transactions and international banking operations, apart from causing inconvenience to the public.Why are banks planning a strike?The United Forum of Bank Unions (UFBU), which claims to represent 90 per cent of the banking workforce, has said it will proceed with the strike unless there is a concrete and positive development on its main demand for five-day banking.“Responding to the appeal made by the Department of Financial Services (DFS), Indian Banks' Association (IBA), Bank managements to defer the strike, we informed them that if there is any concrete and positive development towards implementation of our demand for introduction of 5 days banking, UFBU will consider the same,” UFBU said in a statement after the meeting with the deputy chief labour commissioner.The statement came after a conciliation meeting on Tuesday remained inconclusive. The union said that in the absence of such a development, it would be constrained to go ahead with the proposed strike on September 28, 29 and 30.The meeting was held a day after the finance ministry appealed to bank employees to refrain from strikes and resolve their remaining demands through dialogue.UFBU's other demands include an update and improvement of pension, a uniform dearness allowance formula for all pensioners and an option for employees covered under the National Pension System (NPS) to move to the old pension scheme (OPS).Bank unions under the UFBU had also gone on a nationwide strike on September 11 over their demands.What has the government said?Representatives of the department of financial services (DFS) and the ministry of finance told the conciliation meeting that the government had been taking several initiatives for the welfare of bank employees. They said five-day banking was also under consideration, but the government would need to take into account the views of various other stakeholders before taking a decision.The representatives therefore asked the UFBU to defer the strike and continue the dialogue.The finance ministry had said that strikes disrupt banking services, inconvenience the public and affect the business of banks. It also said such disruptions ultimately harm the interests of bank employees and that no fruitful outcome is achieved through strikes.The government has assured that it remains committed to the welfare and well-being of bank employees and to addressing their genuine concerns through constructive engagement.