Public sector banks and Regional Rural Banks (RRBs) will remain open and function normally on Sunday, September 27, the Finance Ministry has announced. The decision has been taken ahead of a proposed three-day nationwide bank strike from September 28 to 30.
The move is aimed at ensuring that customers have access to essential banking services before the proposed strike. September 26 is a Saturday holiday, while September 27 is a Sunday, which could otherwise have resulted in disruption to branch services for five consecutive days.
RBI approves Sunday banking
The Reserve Bank of India has approved the operation of bank branches, offices, ATM-linked branches and currency chests on September 27.
The Finance Ministry said the step was taken to ensure that the banking needs of the public are not adversely affected for an extended period. The government and bank managements have also appealed to unions to defer the proposed strike.
Why are bank employees going on strike?
The three-day strike has been called by the United Forum of Bank Unions (UFBU) and is scheduled from September 28 to 30.
The unions are primarily demanding the implementation of a five-day banking week. Other demands include issues related to pensions and pensioners' dearness allowance, as well as an option for employees covered under the National Pension System to switch to the old pension scheme.
The government has said that it has already kept the Performance Linked Incentive (PLI) scheme in abeyance, addressing one of the major demands raised by the unions. The demand for a five-day workweek remains under consideration.
What does this mean for customers?
Customers who need branch-based banking services will have an additional working day on September 27 to complete important transactions before the proposed strike.
Banks have also been preparing for possible disruption by ensuring adequate cash availability at ATMs and business correspondent outlets and encouraging customers to use digital banking channels where possible.
The proposed strike also coincides with the half-year closing of banks on September 30, making the period particularly significant for banking operations, reconciliation and other financial activities.
The strike is currently scheduled for September 28-30, although the government and bank managements have continued to appeal to unions to defer it.
