The total strikes observed by the Bank Unions/Associations in Public Sector Banks during the last three years and the current year are eighteen (18). The demands of bank’s unions/associations mostly relate to immediate wage settlement, stop outsourcing of bank jobs, stop banking sector reforms, improvement in pension schemes, provide compassionate appointments in banks etc. The estimated loss suffered from such strikes is not quantified.

The settlements arrived at between Unions of the workmen employees and Indian Banks’ Association (IBA) on behalf of member banks are bound on all the parties to the settlements as per the Industrial Disputes Act, 1947. As such, all member banks including Associate Banks of SBI, parties of Settlements are to implement the said settlements without violating the agreed terms and conditions of the settlement.

Conciliation meetings were held with the representatives of the Unions/Association at the office of Chief Labour Commissioner to avert the strike.

This was stated by Shri Jayant Sinha, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha.

Binding settlement obligations require banks to implement negotiated terms following union strikes over wages and outsourcing. Settlement agreements between bank employee unions and the Indian Banks' Association are binding under the Industrial Disputes Act, obliging member banks that are parties to such settlements to implement agreed terms without deviation; conciliation meetings were held to avert strikes and unions raised demands including wage settlement, stopping outsourcing, pension improvements and compassionate appointments.