Bank unions have deferred the September 28–30 nationwide strike after assurances from the Indian Banks’ Association. Banks are expected to operate today, while the five-day banking proposal and other demands remain under discussion.
Need to Know
- Banks are expected to operate normally today, September 28, after UFBU deferred its planned three-day nationwide strike.
- UFBU’s September 27 circular says the proposed agitation and strike actions have been deferred; the previously announced October 26 indefinite strike is therefore also no longer a current strike date under the latest understanding.
- The five-day banking week has not been approved or implemented.
- An IBA-UFBU high-level committee will examine the proposal to declare the remaining Saturdays as holidays.
- The unions have also raised pension, dearness allowance and NPS-to-OPS demands as part of the broader dispute.
- ATMs, UPI, internet banking and mobile banking are expected to continue, subject to normal technical, maintenance and transaction conditions.
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Banks open today after bank strike deferral
Banks are expected to operate normally today, September 28, after the United Forum of Bank Unions (UFBU) deferred its planned three-day nationwide strike.
The strike had been scheduled for September 28 to 30. The deferment followed a meeting between the Indian Banks’ Association (IBA) and UFBU on September 27, after which the union forum issued a circular setting out the understanding reached between the two sides.
The UFBU circular says a high-level committee of the IBA and UFBU will be formed immediately to discuss the demand for declaring the remaining Saturdays as holidays. It also provides for discussions on the Performance Linked Incentive (PLI) scheme for Scale IV and above officers and other residual matters from the March 8, 2024 minutes. In view of these steps, UFBU said its proposed agitational programmes and strike actions would be deferred.
Customers should still check their bank’s branch advisory, local holiday calendar and individual branch timings before visiting.
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Which banks are open today?
The proposed strike was expected to affect public-sector banks, Regional Rural Banks and some private-sector institutions associated with UFBU. Major new-generation private banks such as HDFC Bank, ICICI Bank and Axis Bank were outside UFBU and were expected to continue normal operations.
With the strike now deferred, the planned strike-related disruption will not take place today.
| Bank category | September 28 status | Current position |
|---|---|---|
| Public-sector banks, including SBI | Expected to be open | Proposed UFBU strike deferred |
| Regional Rural Banks | Expected to be open | Proposed strike deferred |
| Private-sector banks covered by the planned action | Expected to be open | Planned strike deferred |
| HDFC Bank, ICICI Bank, Axis Bank | Expected to be open | Not part of UFBU |
| ATMs, UPI, internet and mobile banking | Expected to continue | Subject to normal technical and maintenance conditions |
So, it is not a case of only private banks being open. Public-sector bank branches are also expected to function normally because the proposed strike has been deferred.
Why did the bank strike matter?
The proposed three-day strike was part of a wider UFBU campaign around several unresolved banking-sector demands.
The five-day banking week was the most prominent issue, with unions seeking holidays on all Saturdays rather than only the second and fourth Saturdays.
Earlier demands have also included improvements in pension benefits, a uniform dearness allowance formula for pensioners and an option for employees covered under the National Pension System (NPS) to shift to the Old Pension Scheme (OPS).
The unions also raised concerns over the PLI scheme applicable to Scale IV and above officers and other outstanding issues.
UFBU had already observed a nationwide one-day strike on September 11, before announcing the September 28–30 action.
What did IBA and UFBU agree on?
The latest understanding is primarily a process agreement, rather than a final resolution of all demands.
According to the UFBU circular:
| Issue | What was agreed |
|---|---|
| Remaining Saturdays as holidays | High-level IBA-UFBU committee to examine the issue |
| Possible alternatives | Committee will explore options and consult stakeholders |
| PLI for Scale IV and above officers | Discussions can begin, with IBA proposing modifications to the government |
| March 8, 2024 residual issues | To be discussed for expeditious resolution |
| September 28–30 strike | Deferred |
| Proposed wider agitation/strike action | Deferred |
The UFBU circular specifically says the committee should work towards a solution acceptable to stakeholders and, importantly, customers.
Five-day banking week is still not approved
The biggest expectation for customers is whether banks will now remain closed on all Saturdays.
The answer is not yet.
The latest understanding only provides for a committee to examine the remaining Saturdays as holidays. It does not announce a new banking calendar or an immediate five-day working week.
Under the current arrangement, banks observe the second and fourth Saturdays as holidays, while other Saturdays are generally working days.
The March 2024 settlement had recorded the five-day banking demand, but implementation requires the relevant government approval. The latest IBA-UFBU understanding has therefore moved the issue back into a committee and negotiation process rather than completing it.
Why September 30 was important
The timing of the proposed strike was significant because September 30 marks the half-yearly closing for banks.
The strike would have overlapped with that period, potentially affecting important branch and back-office work. This was one reason authorities and banks took contingency measures ahead of the proposed action.
The government had also taken steps to reduce the impact of the proposed three-day closure.
Banks were opened on Sunday before the planned strike
Ahead of the proposed strike, the government directed all public-sector banks and Regional Rural Banks to function normally on Sunday, September 27.
The Reserve Bank of India separately approved the operation of bank branches, offices, ATM-linked branches and currency chests on September 27.
The measure was intended to prevent customers from facing an extended interruption because September 26 and 27 were weekend holidays followed by the proposed September 28–30 strike.
With the strike now deferred, that contingency is no longer needed for the September 28–30 strike window.
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What about the October 26 indefinite strike?
UFBU had earlier announced an indefinite strike from October 26, 2026 if its demands remained unresolved. That programme was part of the broader agitation announced in August.
The latest UFBU circular dated September 27 states that the proposed agitation programmes and strike actions will be deferred following the new understanding with the IBA.
That means the October 26 action should not be presented as a currently scheduled strike date.
At the same time, the circular does not announce that every underlying demand has been settled. The committee process and further discussions are still to take place.
Deferral is not cancellation
The immediate strike has been avoided, but the core five-day banking issue remains unresolved.
Three developments will therefore matter next: whether the IBA-UFBU committee is constituted promptly, what it recommends on the remaining Saturdays, and whether the required government approval follows.
This creates a forward-looking uncertainty for customers and bank employees. The September disruption has been deferred, but no final decision has yet been announced on an all-Saturday holiday arrangement.
Customers still report banking and KYC problems
The strike deferment settles the immediate question of branch disruption. Separately, a LocalCircles survey points to continuing customer concerns about banking processes.
LocalCircles said its survey received more than 114,000 responses from banking users across 307 districts.
Among respondents to the relevant question, 53% reported that they had faced delays or difficulties accessing or using their own money because of bank processes at least once during the previous three years.
That is a survey finding among respondents and should not be read as the share of all Indian banking customers.
Repeated KYC remains a major complaint
The survey found that 67% of respondents cited repeated KYC requests despite having completed the process earlier.
Other reported issues included mandatory branch visits for services expected to be available online, excessive paperwork, poor grievance redressal and delays in updating KYC or personal information.
| Banking issue reported | Share |
|---|---|
| Repeated KYC despite completing it earlier | 67% |
| Mandatory branch visits for services expected online | 47% |
| Excessive paperwork/document requests | 39% |
| Poor grievance redressal | 39% |
| Delays updating KYC or personal information | 33% |
| Difficulty reaching someone who could resolve an issue | 33% |
These findings highlight an expectation gap between customers’ preference for digital banking and the continued requirement for physical visits or additional documentation for some processes.
87% want one-time KYC
The same survey found that 87% of respondents wanted one-time KYC to remain valid across bank accounts unless their details change, while 68% wanted routine KYC and document updates to be completed digitally.
Customers also expressed preferences for advance notice before account freezes, compensation where access to funds is wrongly denied, and stronger customer support and grievance escalation.
These are survey preferences, not changes to banking rules.
What should customers expect today?
With the strike deferred, public-sector bank branches, RRBs and relevant private-sector bank branches are expected to operate normally today, subject to regular branch schedules, local holidays and bank-specific conditions. Major new-generation private banks that were outside UFBU were also expected to remain operational.
Customers can generally continue to use ATMs, UPI, internet banking and mobile banking, subject to normal transaction limits, maintenance periods and technical availability.
For important branch transactions, customers should check their bank’s latest branch communication before travelling.
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What bank customers need to know
Are banks open today, September 28?
Yes. The proposed nationwide strike has been deferred, so bank branches are expected to operate normally, subject to local and bank-specific conditions.
Are public-sector banks such as SBI open today?
Yes. With the UFBU strike deferred, public-sector bank branches are expected to operate normally.
Are private banks open today?
Yes. Major new-generation private banks such as HDFC Bank, ICICI Bank and Axis Bank were not part of UFBU and were expected to remain operational. Other private-sector banks that would have been affected by the proposed action are also no longer facing that strike-related disruption because the action has been deferred.
Are banks open on September 29 and 30?
The planned strike-related closure has been deferred. Normal banking schedules apply, with September 30 remaining the half-yearly closing date.
Has the five-day banking week been approved?
No. An IBA-UFBU committee will examine the proposal to declare the remaining Saturdays as holidays.
Has the October 26 indefinite strike been cancelled?
The earlier proposed October 26 action is covered by UFBU’s latest statement that its proposed agitation and strike actions have been deferred. It should not currently be described as a confirmed strike date.
Are UPI, ATMs and net banking working?
These channels are generally expected to remain available, subject to normal technical, maintenance and transaction conditions.
Disclaimer
Survey findings cited in this article represent responses from LocalCircles participants and should not be treated as representative of every bank customer in India. Bank operations and timings can vary by bank, branch, local holiday and location.
