Nationwide Bank Strike Hits Operations: Will SBI, ICICI, Axis Banks Be Open on Jan 27?

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A nationwide bank strike, called by the United Forum of Bank Unions (UFBU), is set to impact public sector bank operations on January 27. The strike, which began at midnight, is in response to the union's demand for a five-day workweek for bank employees. UFBU, representing nine major bank unions in India, claims that public sector banks are the only ones in the country that do not have a five-day workweek, unlike other government institutions and private sector companies. While private banks such as ICICI, Axis, and HDFC are expected to function normally, public sector banks like SBI may face disruptions. In a circular issued on January 23, SBI stated that it has made arrangements to ensure smooth functioning, but operations may still be impacted. The strike marks the third consecutive day of bank closures, following Republic Day celebrations on January 25 and 26. UFBU had initially demanded a five-day workweek, with bank employees entitled to leaves on Sundays and every second and fourth Saturday of each month. The union argues that this is a 'genuine demand' and that other government institutions and private sector companies have a similar schedule. The Reserve Bank of India, Life Insurance Corporation, and General Insurance Corporation, among others, already operate on a five-day workweek. The strike is an attempt to pressure the government to respond to UFBU's demands. Whether the strike will be successful in achieving its objective remains to be seen, but one thing is certain – public sector bank operations will be severely impacted on January 27.