Business
Banking services disrupted as bank employees go on nationwide strike demanding five-day work week
New Delhi: Bank employees across the country went on strike on Tuesday to protest for their demands, including the immediate implementation of a five-day work week in the sector, leading to widespread disruption of banking services, including cash deposits, withdrawals, cheque clearances and other routine transactions.
The nationwide strike was called by the United Forum of Bank Unions (UFBU).
In Gujarat’s Vadodara, employees of nationalised banks joined the strike in large numbers. Protesters said that memoranda regarding the demand for a five-day work week had been submitted to the government on multiple occasions, but no concrete steps had been taken so far, forcing employees to resort to a strike. Due to the agitation, customers faced inconvenience as several bank branches remained closed or operated with minimal staff.
A protesting employee said: “More than eight lakh bank employees across India are participating in today’s strike. Our demand for a five-day banking week has been pending since 2015. Institutions such as the LIC, state governments and the Central government already follow a five-day work week. We were assured that banks would also shift to this system, but nothing has been implemented yet.”
In West Bengal’s Cooch Behar, bank employees’ unions held protests in front of the State Bank of India and other banks, reiterating their demand for a five-day work week.
A protester said: “Banks across the world and most offices in India, whether under the Central or state governments, function for five days a week. From the Reserve Bank of India to NABARD and LIC, all follow a five-day schedule, but nationalised and private banks have been left out. We had an agreement with the Indian Banks’ Association (IBA) on this issue.”
Similar scenes were witnessed in Murshidabad district, where banks and ATM branches in Berhampore and other areas remained closed. Posters highlighting the demands of the bank unions were displayed outside bank premises.
A protester said the demand for five-day banking had been pending for nearly three years and was repeatedly postponed by the government.
“The government keeps saying it will be implemented soon, but nothing has happened so far. That is why we are protesting today,” he said.
In Uttar Pradesh’s Ghazipur district, over 10,000 bank employees from nearly 250 banks joined the nationwide strike, disrupting transactions worth over Rs 150 crore. Banking activities across the district came to a standstill, causing inconvenience to customers and businesses alike.
In Lucknow, All India Bank Officers’ Confederation (AIBOC) Senior Vice-President Ramnath Shukla said: “There is only one demand, and that is five-day banking. This demand has been ongoing for the past ten years. When the second and fourth Saturdays were declared holidays, it was promised that the remaining Saturdays would also be closed in the next settlement. Other departments were given five-day working without even demanding it.”
Indian Bank employee Anshika Singh Visen said: “In the last bipartite settlement, it was decided that bankers would be given five-day banking, with work from Monday to Friday and weekends off. However, while other proposals were accepted, the five-day banking proposal was not implemented.”
In Chandigarh, the one-day strike also affected normal banking operations. Bank employees staged protests outside bank branches, raising slogans in support of their demand for a five-day work week.
In Chhattisgarh’s Raipur, around 25,000 bank employees from nearly 2,500 banks participated in the strike. Banking services across the state were severely affected as employees gathered in large numbers to protest and press for their long-pending demand.
In Patna, Punjab National Bank employee Dimple said the strike was not an “out-of-work” protest.
“The government had agreed under the bipartite settlement that five-day banking would be implemented within six months. However, even after two years, the demand has not been fulfilled. The RBI, the SIDBI, the SEBI, and the NABARD all function for five days. We want the same to be implemented in banks immediately,” she said.
Another PNB employee, Ritika, said: “The 12th Bipartite Settlement clearly stated that five-day banking would be implemented within six months. It has been two years since the agreement, but nothing has been done. That is why we are on strike today.”
In Rajasthan’s Dholpur, banks across the district remained completely closed, severely affecting essential services such as cash transactions, deposits, withdrawals and cheque clearances, causing significant inconvenience to the public.
Business
Budget 2026: India pushes local industry as global tensions rise
India’s budget focuses on infrastructure and defence spending and tax breaks for data-centre investments.
Source link
Business
New Income Tax Act 2025 to come into effect from April 1, key reliefs announced in Budget 2026
New Delhi: Finance Minister Nirmala Sitharaman on Sunday said that the Income Tax Act 2025 will come into effect from April 1, 2026, and the I-T forms have been redesigned such that ordinary citizens can comply without difficulty for ease of living.
The new measures include exemption on insurance interest awards, nil deduction certificates for small taxpayers, and extension of the ITR filing deadline for non-audit cases to August 31.
Individuals with ITR 1 and ITR 2 will continue to file I-T returns till July 31.
“In July 2024, I announced a comprehensive review of the Income Tax Act 1961. This was completed in record time, and the Income Tax Act 2025 will come into effect from April 1, 2026. The forms have been redesigned such that ordinary citizens can comply without difficulty, for) ease of living,” she said while presenting the Budget 2026-27
In a move that directly eases cash-flow pressure on individuals making overseas payments, the Union Budget announced lower tax collection at source across key categories.
“I propose to reduce the TCS rate on the sale of overseas tour programme packages from the current 5 per cent and 20 per cent to 2 per cent without any stipulation of amount. I propose to reduce the TCS rate for pursuing education and for medical purposes from 5 per cent to 2 per cent,” said Sitharaman.
She clarified withholding on services, adding that “supply of manpower services is proposed to be specifically brought within the ambit of payment contractors for the purpose of TDS to avoid ambiguity”.
“Thus, TDS on these services will be at the rate of either 1 per cent or 2 per cent only,” she mentioned during her Budget speech.
The Budget also proposes a tax holiday for foreign cloud companies using data centres in India till 2047.
Business
Budget 2026 Live Updates: TCS On Overseas Tour Packages Slashed To 2%; TDS On Education LRS Eased
Union Budget 2026 Live Updates: Union Budget 2026 Live Updates: Finance Minister Nirmala Sitharaman is presenting the Union Budget 2026-27 in Parliament, her record ninth budget speech. During her Budget Speech, the FM will detail budgetary allocations and revenue projections for the upcoming financial year 2026-27. Sitharaman is notably dressed in a Kanjeevaram Silk saree, a nod to the traditional weaving sector in poll-bound Tamil Nadu.
The budget comes at a time when there is geopolitical turmoil, economic volatility and trade war. Different sectors are looking to get some support with new measures and relaxations ahead of the budget, especially export-oriented industries, which have borne the brunt of the higher US tariffs being imposed last year by the Trump administration.
On January 29, 2026, Sitharaman tabled the Economic Survey 2025-26, a comprehensive snapshot of the country’s macro-economic situation, in Parliament, setting the stage for the budget and showing the government’s roadmap. The survey projected that India’s economy is expected to grow 6.8%-7.2% in FY27, underscoring resilience even as global economic uncertainty persists.
Budget 2026 Expectations
Expectations across key sectors are taking shape as stakeholders look to the Budget for support that sustains growth, strengthens jobs and eases financial pressures:
Taxpayers & Households: Many taxpayers want practical improvements to the income tax structure that preserve simplicity while supporting long-term financial planning — including broader deductions for home loan interest and diversified retirement savings options.
New Tax Regime vs Old Tax Regime | New Income Tax Rules | Income Tax 2026
Businesses & Industry: With industrial output and investment showing resilience, firms are looking for policies that bolster capital formation, ease compliance, and expand infrastructure spending — especially in manufacturing and technology-driven sectors that promise jobs and exports.
Startups & Innovation: The startup ecosystem expects incentives around employee stock options and capital access, along with regulatory tweaks that encourage risk capital and talent retention without increasing compliance burdens.
Also See: Stock Market Updates Today
The Budget speech will be broadcast live here and on all other news channels. You can also catch all the updates about Budget 2026 on News18.com. News18 will provide detailed live blog updates on the Budget speech, and political, industry, and market reactions.
We are providing a full, detailed coverage of the union budget 2026 here, with a lot of insights, experts’ views and analyses. Stay tuned with us to get latest updates.
Also Read: Budget 2026 Live Streaming
Here are the Live Updates of Union Budget 2026:
-
Business1 week agoSuccess Story: This IITian Failed 17 Times Before Building A ₹40,000 Crore Giant
-
Fashion1 week agoSouth Korea tilts sourcing towards China as apparel imports shift
-
Sports1 week agoWanted Olympian-turned-fugitive Ryan Wedding in custody, sources say
-
Sports5 days agoPSL 11: Local players’ category renewals unveiled ahead of auction
-
Tech1 week agoStrap One of Our Favorite Action Cameras to Your Helmet or a Floaty
-
Entertainment1 week agoThree dead after suicide blast targets peace committee leader’s home in DI Khan
-
Tech1 week agoThis Mega Snowstorm Will Be a Test for the US Supply Chain
-
Sports1 week agoStorylines shaping the 2025-26 men’s college basketball season
