Will banks be closed today, January 27, across the country? SBI issues customer advisory: Details inside

Home BusinessWill banks be closed today, January 27, across the country? SBI issues customer advisory: Details inside Check clearing, cash deposits and withdrawals, passbook updates, drafts, and other branch-related services may be affected. (Representational Image: IANS)

New Delhi: Today, January 27, could be an important date for bank customers across the country, as bank employee unions have announced a nationwide strike on this day. If they go on strike, then public sector banks will be particularly affected. January 25th was a Sunday, and January 26th was Republic Day. Banks might remain closed for three consecutive days. This could disrupt banking services for the general public.

This strike is being held under the banner of the United Forum of Bank Unions (UFBU). UFBU is an organisation of nine major bank employee and officer unions. UFBU announced the strike on January 23. The unions say that despite several rounds of talks with the government, no concrete decision has been taken on their demands, and therefore, they are forced to go on strike.

SBI issues customer advisory

Main demand of UFBU?

The biggest demand of bank employees is that a five-day-work week should be implemented in banks as well. Currently, banks are closed only on the second and fourth Saturdays of the month, while employees have to work six days a week on other days. The unions say that when RBI, LIC, GIC, the stock market, and government offices already have a five-day work week, why should banks be treated differently?

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During the wage agreement in March 2024, an agreement was reached between the Indian Banks Association (IBA) and UFBU to have all Saturdays as holidays. However, this decision has not yet been implemented, and bank employees are displeased about this.

What will be the impact on customers?

If the strike takes place on January 27, operations in government bank branches may be completely or partially disrupted. Check clearing, cash deposits and withdrawals, passbook updates, drafts, and other branch-related services may be affected. Those who need to complete essential banking transactions should make preparations in advance. However, ATMs, internet banking, and mobile banking services usually remain operational. Nevertheless, some services may experience delays due to technical issues or staff shortages.

Will private banks also be closed?

This strike is likely to primarily affect public sector banks. Branches of major private banks such as HDFC Bank, ICICI Bank, and Kotak Mahindra Bank may remain open as usual. However, some older private banks or cooperative banks might experience partial disruption.

What do the bank unions say?

The United Forum of Bank Unions says that a five-day-work week will not negatively impact operations. The union has also clarified that they are willing to work an additional 40 minutes daily from Monday to Friday to compensate for the reduced working hours. They believe this will reduce employee stress and improve the quality of work.

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