Bank unions have deferred their three-day nationwide strike that was to run from September 28 to 30. The United Forum of Bank Unions (UFBU) acted after late-night talks with the Indian Banks’ Association (IBA) began at 9:30 pm on September 27, Punjab Khabarnama reported. Banks will function normally on Monday.

The two sides reached understandings on key demands, the UFBU said. A high-level committee of the IBA and UFBU will be formed at once to examine the long-pending demand to declare all Saturdays as bank holidays, the Hindu BusinessLine reported. The panel will consult all stakeholders, especially customers.

Talks will also start on changes to the Performance Linked Incentive scheme for officers of Scale IV and above, and on residual issues from the March 8, 2024 minutes, according to IANS. The strike would have clashed with the September 30 half-yearly closing, a sensitive period for banks.

The deferral matters because banks opened on Sunday so customers could finish urgent work. With the strike off, branch services will run normally this week.