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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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Inventory valuation (Summary)

1.     According to accounting standard 2 inventories are tangible property held for sale in ordinary course of business, or in the process of production for such sale or for production of goods or service for sale.
2.     FIFO, LIFO, Average cost based stock and adjusting selling price are the different methods of inventory valuation.
3.     The FIFO methods assume that the closing inventory consists of the goods which entered the godown last and values than at their purchase cost.
4.     The LIFO methods assume that the closing inventory consists of the goods which entered the godown first and also values than at purchase cost.
5.     In the average price method, closing stock is valued either at simple average or at a weighed average of various purchase cost of material lying in the godown.
6.     The revised accounting standard 2 permits the use of FIFO or weighted average cost only for inventory valuation.
7.     A company has to follow disclosure of requirement for inventories as per schedule VI of the company Act.

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