The All-India Bank Employees Association (AIBEA) has decided to call off the scheduled nationwide bank strike for this Saturday since the Indian Banks' Association (IBA) has agreed to fulfill the majority of the demands made by AIBEA.
After the decision, all banks in the nation would operate normally, allowing for uninterrupted transactional activity.
"Reached agreement on all issues. IBA and banks agreed that a bilateral solution would be best. Our strike is therefore postponed "C H Venkatachalam, general secretary of AIBEA, remarked.
On November 19, which is the third Saturday of the month, banks will be open. On the first and third Saturdays of each month, banks are open.
The bank union AIBEA had called for a strike on Thursday in protest of ongoing job outsourcing. A number of banks, notably Punjab & Sind Bank and Bank of Baroda, had already alerted their clients about the potential effects on services if the strike happens.
In addition to reducing back on recruiting at lower levels, Venkatachalam had previously noted that certain banks' outsourcing of jobs puts the privacy of their clients and their money in danger.
Additionally, certain banks are violating the Industrial Disputes (Amendment) Act. He had claimed that even in cases where the labor authorities had stepped in, the management had disregarded their advice, violated the Industrial Disputes Act's rules, and forcibly transferred the employees.
He claims that the management at the Central Bank of India practices "jungle raj" and makes transfers without consideration.
More than 3,300 clerical staff members have allegedly been moved from one station to another in violation of the bipartite settlement and the bank-level settlement, according to Venkatachalam.
