Will Banks Be Closed from March 22-25? Cheque Clearance Be Impacted?

The financial year 2024-25 will end on March 31, 2025, and as the deadline approaches, there are several banking-related tasks that need to be completed.

The financial year 2024-25 will end on March 31, 2025, and as the deadline approaches, several banking-related tasks need to be completed. If you are among those who tend to leave things until the last minute, here’s an important update regarding upcoming banking holidays.

Banks are expected to remain closed from March 22 to March 25, 2025.

• March 22 falls on the fourth Saturday, which is a scheduled bank holiday.
• March 23 is a Sunday, which is an official weekly holiday.

However, you may be wondering why banks will be closed on March 24 and March 25. The reason is that the United Forum of Bank Unions (UFBU) has called for a nationwide two-day strike on these dates.

Who is UFBU and Why is the Strike Happening?

The UFBU represents more than 800,000 employees and officers from Public Sector Banks, Private Sector Banks, Foreign Banks, Co-operative Banks, and Regional Rural Banks. It comprises several key banking unions, including:

• All India Bank Employees Association (AIBEA)
• All India Bank Officers Confederation (AIBOC)
• National Confederation of Bank Unions (NCBE)
• All India Bank Officers Association (AIBOA)
• Bank Employees Federation of India (BEFI)
• Indian National Bank Employees Federation (INBEF)
• Indian National Bank Officers Congress (INBOC)
• National Organisation of Bank Workers (NOBW)
• National Organisation of Bank Officers (NOBO)

Key Demands of the Strike

The banking unions have outlined several demands and concerns that have led to the strike:

1. Adequate recruitment in all cadres and regularisation of temporary employees.
2. Implementation of a 5-day workweek for the banking industry.
3. Immediate withdrawal of recent DFS/Government directives on performance review and Performance Linked Incentives (PLI), which the unions claim:
   • Threaten job security.
   • Create divisions among employees.
   • Violate the 8th Joint Note.

With the financial year-end approaching, it is advisable to plan your banking transactions in advance to avoid any last-minute inconvenience due to these closures.