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Bank employees went on a nationwide strike on 11 September 2026 at the call of the United Forum of Bank Unions (UFBU), an umbrella of nine employee and officer unions.
The strike went ahead even though the Finance Ministry had put the 2025-26 Performance Linked Incentive (PLI) scheme in abeyance and sent it back for bipartite talks.
The core unmet demand is a five-day banking week, agreed under the 12th Bipartite Settlement and 9th Joint Note of 8 March 2024 but still awaiting government approval.
Public sector bank branches were worst hit, while UPI, mobile and internet banking and ATMs largely worked; the unions have called a further three-day strike on 28-30 September and threatened an indefinite strike from 26 October.
12th Bipartite Settlement and 9th Joint Note signed between IBA and unions, including the five-day week proposal
DFS prescribes a PLI structure that unions call unilateral and discriminatory
Finance Ministry puts the 2025-26 PLI scheme in abeyance
UFBU nationwide one-day strike
Three-day strike announced, coinciding with the half-yearly closing
Indefinite strike threatened if demands remain unmet
Umbrella body of nine bank employees' and officers' unions; calls joint industry-wide action
Represents bank managements in wage negotiations and bipartite settlements with unions
Ministry of Finance department overseeing public sector banks; prescribed the PLI structure
Requires 14 days' prior notice before any strike and bars strikes during pending conciliation — extending to all industrial establishments a rule that earlier applied only to public utility services
Industry-level wage agreement between IBA and unions under which the five-day week was proposed
Banking Awareness > Banking Industry and Employee Relations
GS Paper III > Indian Economy > Banking Sector; Labour Codes
The Chairmen of public sector banks are selected by the
Answer: Banks Board Bureau
With reference to the 'Banks Board Bureau (BBB)', which of the following statements are correct? 1. The Governor of RBI is the Chairman of BBB. 2. BBB recommends for the selection of heads for Public Sector Banks. 3. BBB helps the Public Sector Banks in developing strategies and capital raising plans. Select the correct answer using the code given below:
Answer: 2 and 3 only
Industry-level wage and service-conditions agreement between IBA (managements) and bank unions
Variable pay tied to performance; unions want it based on the bank's overall results, not individual officers' scores
OPS gives a defined pension; NPS is a defined-contribution, market-linked scheme