The Chief Labour Commissioner decided to defer the strike after calling all the parties for a consultation meeting on Friday, reported news agency PTI.

The Centre said that the union would deliberate on the demands raised by the workers, which led to the cancelling of the early next week strike.

Why did banks call the strike?

The forum earlier announced a nationwide two-day strike on March 24 and 25 to demand changes in the banking sector, including better recruitment practices, regularisation of temporary employees, and the implementation of a five-day workweek.

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Pankaj Kapoor, VP, All India Bank Officers Confederation (AIBOC) told ANI, "Banking services will be interrupted for four days starting from March 22, and March 23 is bank holiday, and 24-25 March is strike. Due to this, banking services like clearing house, cash transaction, remittances, advances will be affected for four days starting from March 22."

What are the banks demanding?

• The Union demanded adequate recruitment in all cadres to facilitate branch staffing and regularise all temporary employees.
• The Union is also demanding the implementation of a five-day work week.
• The UFBU is also demanding the immediate withdrawal of the recent DFS/government directives on performance review and PLI, which threaten job security.
• The Union also demands the safety of bank officers/staff against the assault/abuses by the unruly banking public.
• The UFBU also demands amending the Gratuity Act to increase the ceiling to ₹25 lakh on the lines of the scheme for government employees along with exemption from income tax.
• Other demands include maintaining a minimum of 51 per cent of Equity Capital in IDBI Bank by the government, stopping Micromanagement of PSBs by DFS on policy matters affecting service conditions of employees and officers and undermining bilateralism.