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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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What is Positive Pay System



Positive Pay System was introduced by Reserve Bank of India 2020 vide circular no RBI/2020-21/41 DPSS.CO.RPPD.No.309/04.07.005/2020-21 dated 25.09.2020.

Financial frauds are big concern with increase of digitalization. To prevent check fraud and make transactions secure, banks have implemented Positive Pay System, that is a strong fraud prevention mechanism that protects account holders from unauthorized or altered checks.

Positive Pay System is an automated cash-management service that banks provide to their customers. In this, the bank verifies the checks issued by a company or individual when a check is presented for payment. If there is a mismatch, the bank flags it and asks for verification from the customer.

As per RBI Press release dated 06.08.2020, Positive Pay system will be applicable for all cheques of value ₹50,000 and above. Under this mechanism, cheques will be processed for payment by the drawee bank based on information passed on by its customer at the time of issuance of cheque.

How does Positive Pay System work?

1. Check issuing: Business or individual gives a list to its bank which contains account number, cheque number, cheque amount, cheque date and payee name.

2. Check presenting: When a check comes for payment, the bank matches it with the issued list given by the cheque issuer.

3. Verification process: If the details match then the check is cleared, but if there is a mismatch then the bank alerts the customer.

4. Decision making: Business has the power to approve or reject the flagged check, so that fraud does not happen.

Positive Pay System is very beneficial for businesses, individuals and financial institutions as well. It has some major benefits like -

• Fraud Prevention: Detects unauthorized or altered checks before they are processed.

• Security Enhancement: Reduces the risk of check fraud.

• Reduces Financial Losses: Prevents losses due to fraudulent transactions.

• Streamlines Operations: Reduces manual errors by automating the verification process.

• Increases Customer Trust: Secure transactions increase trust in the banking system.

This system is useful for every business, but it is especially beneficial for any organization or individuals who issues checks on a regular basis and wants to avoid fraud risk. When financial security is a major priority, the Positive Pay System can be a game-changer for businesses and banks. It proactively prevents check fraud, safeguards assets, and builds trust in banking transactions. As fraudsters are finding new ways, using advanced fraud prevention tools like Positive Pay has become a necessity.

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