Nationwide Bank Strike Today: SBI, PNB Operations Affected

On the 27th of January, a nationwide strike by the United Forum of Bank Unions (UFBU – a federation of nine large trade unions representing banking personnel) will be taking place in all banking institutions across India. Most of the effects of this strike will be on public sector banks. Making it essential for customers to rethink their banking plans.

Are public sector banking institutions closed?

The majority of public sector banking institutions like State Bank of India (SBI), Punjab National Bank (PNB), and Bank of Baroda (BoB) will feel the effects of the strike negatively. Many of these banking institutions have not yet announced whether they will close their doors for the day. But it is possible staff shortages from the strike will hamper day-to-day business.

A statement made by SBI concerning the strike indicates that while attempts are being made to prevent any disruption in service, the level of staffing may still have an effect on branch/office operations. Hence, any customer wishing to perform a timed transaction will need to check with their local bank branch. It is to see if service will be available during the strike. This strike has received a great deal of publicity as customers have begun to prepare for what could be a major interruption of banking services.

Which banks will not participate in the strike?

Private sector banks will not strike and will most likely operate normally. Many banks, such as HDFC Bank, ICICI Bank, Axis Bank, and IDFC First Bank, will likely be able to conduct their normal day-to-day operations. As their employees are not part of any union participating in the strike.

Anticipated Impacted Services:

Among public sector banks, services requiring customers to visit a physical branch are likely to be most affected by the workers’ strike. Such services include the following:

• The ability to make and receive cash from monetary deposits or withdrawals.
• The ability to process and clear cheques.
• The ability to make changes to passbooks.
• The ability to administer accounts.

Although most ATMs may not function properly during this type of strike due to staffing shortages. Some will likely have interruptions in the replenishing of cash.

Services Expected to Continue Operation/Function:

As previously mentioned, digital banking services will still be offered. So those customers may take comfort in this knowledge.

Digital-based online banking services (e.g., UPI transaction processing and mobile banking apps), and credit/debit card payments will still be available. It is from both public and private-sector financial institutions.

This means that regardless of whether branch operations may experience an interruption due to the strike. Customers should be able to make their normal monthly payments, fund transfers, and bill payments without interruption.

Bank Employees Strike for Five Day Week

The Bank Strike at the National Level was called by the Banking Union to have a five days working week. To have Saturday as a bank holiday, which the Banking Union claim is part of the 12th Bipartite Settlement that was signed in March of 2024 with the Indian Banks Association (IBA).

Currently, Banks operate on the 1st, 3rd and 5th Saturday of each Calendar Month. The Banks told the Banking Union that even after the agreement there was no notification given by the Government required as per the agreement for Banks to be able to open on Saturday.

The Bank Strike was announced after a conciliation meeting that was held on January 23. With the Chief Labour Commissioner, which did not resolve the issue.

What Should a Customer Do?

If you have a banking emergency, you should plan ahead and use the Bank’s online portal when ever possible. If you need to go into a Banking branch, you should check to see if the branch will be open before you go; this is especially important when you are going to a Public Sector Bank.

Because there are currently ongoing discussions between the Banking Union, Banks and the Government, the status of the Bank Strike will change frequently. When there are recent new updates regarding Banking Services or another Bank Strike, you should monitor the daily Newspaper.