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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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Trial Balance and Some Errors (Summary)

1. A trial balance is a statement showing debit and credit balances taken from ledger including cash and bank balances as are particular date.

2. The main purpose of trial balances is to find out the arithmetical accuracy of the entries made in the books of account.

3. An error of omission occurs when a transaction is completely or partially omitted from being recorded in the books of account.

4. When two or more errors are committed in such a manner that they nullify the wrong effect of each other they are called compensating error.

5. Errors of principal occur when accounting principal is not observed.

6. One side errors, located before preparing the trial balance, can be rectified by making a correction entry on the relevant side of the account.

7. One side error, located after preparation of the trial balance but by preparing the final account can be rectified through the suspense account.

8. One side error, affecting nominal accounts that are detected after the preparation of the final accounts, are adjusted through the profit and loss adjustment account instead of nominal account.

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