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UFBU Calls Off Nationwide Bank Strike on 24th and 25th Mar 2025 After Assurances from Finance Ministry and IBA

I n a significant development on March 21, 2025, the United Forum of Bank Unions (UFBU) has decided to call off their two-day nationwide strike, which was originally planned for March 24 and 25. This decision was made after the UFBU received positive reassurances from both the Finance Ministry and the Indian Banks’ Association (IBA) regarding their key demands. The banking unions, under the umbrella body of UFBU, represent employees from nine major unions across the country, including AIBEA, AIBOC, NCBE, AIBOA, and BEFI. The unions had earlier called for the nationwide strike to protest against several ongoing issues that they believe impact the welfare and job security of bank employees. Key Issues Behind the Proposed Strike The strike was initially called by UFBU to address a range of pressing concerns, some of which have been lingering for years. The union's main demands included: Five-Day Workweek for Bank Employees:  One of the most anticipated demands was the implementation o...
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Some Important Abbreviations used in AML-KYC

AML – Anti Money Laundering
ATF – Anti-Terrorist Financing
CAP – Customer Acceptance Policy
CCR – Counterfeit Currency Report
CDD – Customer Due Diligence
CFT – Combating the financing of Terrorist
CRC – Customer Risk Categorization
CTF - Counter-Terrorism Financing
CTR - Cash Transaction Report
FATF – Financial Action Task Force
FEMA – Foreign Exchange Management
FIU-IND – Financial Intelligence Unit India
HNI – High Networth Indivisual
KYC - Know Your Customer
NRI – Non-Resident Indian
PEP – Politically Exposed Person
PMLA – Prevention of Money Laundering Act

STR – Suspicious Transaction Report

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