Will Banks Be Closed Today? Huge Relief Announced For Customers; Read On

Will Banks Be Closed Today? The proposed three-day nationwide bank strike is now temporarily deferred. Bank unions took this decision after the IBA gave a positive assurance on the five-day work week demand. Read the full details here

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Big breaking: Bank strike cancelled

Common people and businessmen finally have some great news after worrying about a nationwide banking halt. Bank unions deferred the proposed three-day nationwide bank strike from the 28th to the 30th of this month at the very last minute. On the other hand, retailers have called for a 'No UPI Day' on October 2, and this has sparked a fresh debate.

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Late-night agreement ends strike threat

Everyone felt tense throughout Sunday over the news that banks would shut down from Monday. However, the Indian Banks Association (IBA) and the United Forum of Bank Unions (UFBU) held emergency talks around 9:30 PM on Sunday, and these discussions succeeded. The UFBU officially announced the temporary withdrawal of the strike after receiving a positive assurance from the IBA. Consequently, all public and private sector banks will function normally from Monday.

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Crucial committee on five-day work week

The IBA took a step forward on the five-day work week demand, which bank employees have raised for a long time. Banks currently get holidays only on the second and fourth Saturdays of the month. However, the unions strongly demand holidays on all Saturdays. Both the IBA and UFBU agreed to form a high-level committee to examine the ground-level feasibility and customer convenience regarding this issue.

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Positive response on pending demands

The IBA agreed to make key changes to the Performance Linked Incentive (PLI) scheme for Scale-4 and higher-level officers, alongside the work days issue. Both sides decided to approach the government with joint proposals to resolve the increasing workload on employees and the pending issues from the March 2024 agreement.

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'No UPI Day' protest on October 2

Meanwhile, a new protest regarding digital transactions has surfaced. The All India Mobile Retailers Association (AIMRA) will observe a 'No UPI Day' on October 2 to oppose the 0.4 percent MDR charges on merchant UPI payments exceeding Rs 2,000. Mobile shop owners will cover their QR codes with a black cloth on that day to express their protest. They worry that these charges will put a monthly burden of Rs 2,000 to Rs 12,000 on small merchants.

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CAIT clarification brings relief to customers

The Confederation of All India Traders (CAIT) clarified that they have no connection with the October 2 UPI protest program. However, the deferment of the bank strike brings massive relief to depositors and businessmen, as the half-yearly closing financial activities at the end of this month will now face no hurdles.