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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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Bank, Money and Banking Operations

Bank handles money and it involves several key activities like- 

Deposits: You can deposit cash or checks into your account. This can be done via teller services, ATMs, or direct deposit from employers.

Withdrawals: You can withdraw money using an ATM, by writing checks, or through bank tellers. Some banks also offer online transfers to move funds to other accounts.Transfers: You can transfer funds between your own accounts or to someone else's account, either domestically or internationally.

Account Management: Banks offer various account types, such as savings, checking, and investment accounts. Each has its features and benefits.Interest and Fees: Banks may pay interest on savings accounts and charge fees for various services, like overdrafts or maintenance.

Online and Mobile Banking: Many banks provide digital platforms for managing our money, including paying bills, monitoring account activity, and more.

Various Operations in Banking

There are various Banking operations that banks perform to manage and facilitate financial transactions. Key banking operations are as below- 

Account Management: Opening, maintaining, and closing accounts, including checking, savings, and investment accounts. It comes under basic banking.

Transaction Processing: Handling deposits, withdrawals, transfers, and payments, both manually through cash withdrawal or cheque and electronically like neft, rtgs and other means.

Loan Services: Processing applications, underwriting, disbursing loans, and managing repayments for personal, auto, mortgage, and business loans. Banks help financially to people to fulfil their dream of buying for our own requirements and to build big businesses too.

Cash Handling: Managing physical cash, including counting, sorting, and storing cash securely, and ensuring sufficient cash flow for ATMs and branches.

Risk Management: Identifying and mitigating risks related to credit, market fluctuations, operational errors, and fraud. Accordingly, banks changes their policies to mitigate the risk.

Compliance: Adhering to regulatory requirements and standards, including anti-money laundering (AML) and know-your-customer (KYC) procedures in line of government guidelines issued from time to time.

Customer Service: Providing support and resolving issues related to accounts, transactions, and other banking services. There are various complaint redressal portals through which customer may complain.

Investment Services:Most people like to invest in some other instrument except bank deposits due low interest offered by Bank. So,  banks started offering products like mutual funds, stocks, and bonds, and providing investment advice as per market scenarios. . 

Technology Management: Maintaining and upgrading banking systems, ensuring cybersecurity, and managing digital platforms for online and mobile banking.

Above operations are critical for the smooth functioning of banks and ensuring customer satisfaction.

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