The United Forum of Bank Unions (UFBU) and the Indian Banks’ Association (IBA) held a meeting on 27 September 2026 to discuss key issues concerning bank employees and officers, including the long-pending demand for 5-day banking, the Performance Linked Incentive (PLI) scheme and other outstanding demands.
According to UFBU Circular No. 2026/32 dated 27 September 2026, the meeting concluded with decisions to initiate further discussions on the pending issues. In view of these developments, UFBU has agreed to defer its proposed agitation programmes and strike actions.
Key Outcomes of the IBA–UFBU Meeting
1. High-Level Committee on 5-Day Banking
The implementation of 5-day banking was a key issue raised by the UFBU leadership. The unions emphasised that their demands should be addressed on a priority basis, particularly the implementation of a five-day working week in banks.
It was decided that a high-level committee comprising representatives of IBA and UFBU would be formed immediately to deliberate on declaring the remaining Saturdays as holidays.
The committee will examine possible alternatives, consult all stakeholders and work towards a mutually acceptable solution, keeping customers’ interests in view.
2. Discussions on the PLI Scheme
The meeting also discussed the Performance Linked Incentive (PLI) scheme applicable to Scale IV and above officers.
It was agreed that discussions could begin with IBA to propose modifications to the Government in the existing scheme, taking into account the observations and concerns raised by the unions and associations.
3. Resolution of Other Pending Issues
The meeting further agreed that the residual issues listed in the minutes dated 8 March 2024 would be discussed between the parties for an expedited resolution.
Both sides acknowledged the contribution of bank employees and officers to the growth of public sector banks and the wider banking industry.
4. Proposed Strike and Agitation Deferred
In view of the decisions taken during the meeting and the proposed discussions on outstanding demands, UFBU has agreed to defer the proposed agitation programmes and strike actions.
The development indicates that further dialogue between IBA and UFBU will take place to resolve the pending issues.
Who Attended the Meeting?
The IBA Negotiating Committee was represented by its Chairman, Shri Rajneesh Karnatak, MD & CEO of Bank of India, along with other senior representatives from Bank of India, Punjab National Bank, Indian Bank and State Bank of India.
UFBU was represented by leaders from its constituent organisations, including AIBEA, AIBOC, NCBE, AIBOA, BEFI, INBOC and INBEF.
What Does This Mean for Bank Employees?
The formation of a high-level committee on 5-day banking is an important development in the ongoing discussions between IBA and UFBU. However, the final implementation of 5-day banking has not yet been announced.
Bank employees and officers will be looking forward to the committee’s discussions and a concrete decision on the remaining Saturdays as holidays.
The outcome of the upcoming discussions will be significant for employees, customers and the banking sector as a whole.
Conclusion: The IBA–UFBU meeting has opened the way for further negotiations on 5-day banking, PLI reforms and other pending demands. UFBU has deferred the proposed strike action, and employees will now await the outcome of the discussions and the next steps towards implementation of 5-day banking.
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