Business · India Bureau
Finance Ministry convenes bank chiefs ahead of three-day strike
India's Finance Ministry has scheduled an urgent meeting with public sector and regional rural bank leaders to prepare contingency plans for banking operations during a planned three-day nationwide strike beginning September 28. The work stoppage, called by bank unions demanding a five-day work week, threatens to disrupt services across the banking sector during its half-yearly closing period.
LSN India ·
The Department of Financial Services Secretary will chair Monday's meeting with chief executives of public sector banks and regional rural banks to devise measures ensuring continuity of banking operations and critical customer services during the strike period.
The United Forum of Bank Unions has called the nationwide strike commencing September 28 to press demands including a five-day banking week and other employment-related issues. Combined with the preceding weekend holiday, the strike is expected to impact banking services across five days, coinciding with the sector's half-yearly account closure—a period of heightened transaction volumes.
Bank unions under the UFBU umbrella have previously demonstrated their resolve, having conducted a nationwide strike on September 11 over similar demands. The upcoming action poses logistical challenges for both financial institutions and customers seeking to complete transactions during a critical business period.
The Finance Ministry's proactive approach reflects concerns over potential disruptions to essential banking services, including deposit and withdrawal operations, fund transfers, and other critical functions. The Monday meeting aims to ensure banks maintain adequate staffing and systems to handle urgent customer needs during the strike period.