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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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Check-off Facility

Check-off Facility – In case of salaried persons, a check-off arrangement is pursued. An appropriately worded irrevocable authority for making salary deductions and remittances to the lender is taken from the borrower. The employer is asked to record this authority and convey his acceptance to act on this instruction. This arrangement includes following elements –
i)             An irrevocable letter of authority from borrowers for deducting a specific amount of monthly installment from his salary/wages.
ii)           Irrevocable authority for making payment of dues to the lender out of any amount payable to the employee.
iii)          An undertaking from employer to obtain a clearance from the bank before settling the dues to the employee on transfer, resignation or retirement.
iv)         Check-off mechanism can work through a bank account if salary is paid through bank and bank can record an irrevocable standing instruction to effect payment to the lende.
In case of govt. officers, who themselves are drawing and disbursing authorities and take housing loans, a letter of undertaking from them is sufficient.

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