Bank strike confirmed for 28-30 September: unions say talks failed
Every fact links to its official source.
60-second morning update
Change: Bank unions confirmed today: the 3-day strike on 28-30 September goes ahead. Talks failed. The performance-pay plan stays on hold, not withdrawn; the five-day-week demand is unresolved. Unions warn of an indefinite strike from 26 October if nothing changes.
Impact: With 26 September a Saturday off and 30 September the half-year closing, branches face up to 5 days of thin service in a row.
Action: Branch/ops staff: read your circle's strike advisory and stock ATMs and cash points.
Change: CORRECTION: we said yesterday the new UPI shop fee starts 15 September. Wrong -- NPCI confirms 15 October. From then, shop UPI payments above Rs 2,000 attract a 0.4% fee, capped at Rs 300. GST of 18% applies only to this fee, above Rs 2,000, not to the payment itself.
Impact: The fee is a month away, not already running. 96% of shop UPI payments stay unaffected either way.
Action: Branch and payments staff: correct any message that said the fee has already started.
Change: RBI fined HSBC Rs 31.80 lakh. Inspectors found HSBC had no searchable list of unclaimed deposits on its website, and had not created the reference numbers RBI requires for that fund.
Impact: Shows RBI is checking, bank by bank, whether last year's unclaimed-deposit rules are actually followed.
Action: Compliance staff: check your branch's unclaimed-deposit list is complete, searchable, and numbered.
Change: Bank deposits grew 17.8% in the fortnight to 31 August, the fastest in 15 years, mostly from a rush of foreign-currency deposits from NRIs before a special RBI scheme closed.
Impact: Banks are flush with funds. Corporate loan rates may fall this quarter as banks compete to lend the extra deposits out.
Action: Credit staff: expect corporate customers to ask for lower rates.
Change: Supreme Court ordered a vehicle-finance company to pay Rs 10 lakh compensation for seizing a borrower's truck at night without notice, and told RBI to ensure lawful recovery everywhere.
Impact: A repossession done outside RBI's rules can now cost the lender real compensation, on top of losing the case.
Action: Recovery staff: confirm agents always give written notice before taking back a financed vehicle.
Reserve Bank of India action board
What changed: RBI fined HSBC Rs 31.80 lakh for not hosting a searchable list of unclaimed deposits on its website, and for not creating unique reference numbers for deposits sent to RBI's depositor education and awareness fund.
Who is affected: The Hongkong and Shanghai Banking Corporation Limited, India.
What to do: RBI says the penalty is about compliance gaps only, not any customer transaction.
Last date: Penalty announced 22 September 2026; effective immediately.
Source: Moneylife, 22 September 2026 ↗
What changed: RBI told banks exactly how to value InvIT and REIT units they hold, so every bank books them the same way.
Who is affected: Commercial banks holding InvIT or REIT units.
What to do: Apply the new valuation method to InvIT and REIT holdings now.
Last date: Effective 22 September 2026.
What it means for your job
Branch and retail: Stock ATMs and cash points now. The 28-30 September strike, plus the 26 September Saturday and 30 September half-year closing, could mean up to 5 days of thin branch work in a row.
Compliance and risk: RBI fined HSBC Rs 31.80 lakh over its unclaimed-deposits list. Separately, RBI issued a new rule on how banks must value InvIT and REIT units, effective immediately.
Credit and lending: SC ordered Rs 10 lakh for an unlawful vehicle repossession. Deposits are up 17.8%, so corporate loan rates may soften this quarter.
NBFC and co-operative: Payments firm PhonePe got initial approval from the UAE central bank for two payment licences, its first move overseas.
Payments and technology: NPCI corrected the record: the new UPI shop fee starts 15 October, not 15 September. GST on the fee applies only above Rs 2,000, not to the payment itself.
Careers and learning: This week's free skill: FutureSkills Prime, run by MeitY and Nasscom, offers free courses and certificates in AI, cloud and GenAI.
People and industry: Bank unions confirmed the 28-30 September strike and warned of an indefinite strike from 26 October if the five-day-week demand stays unresolved.
Treasury: RBI ran a Rs 75,000 crore overnight VRRR auction on 23 September, reversing on 24 September, to absorb surplus system cash.
Banker problem solver
A customer stopped paying EMIs. A recovery agent wants to repossess the financed vehicle. What must happen first?
The Supreme Court ruled this month that seizing a financed vehicle without notice, by force or stealth, can violate a borrower's basic rights, even when the loan agreement allows repossession.
- Give written notice before taking the vehicle, following your loan agreement and RBI's recovery rules.
- Never use force, stealth, or take the vehicle at night without notice.
- Recovery outside these rules can mean paying compensation on top of returning the vehicle's value.
Fraud and risk check
Check today: A message saying 'your account will be blocked during the strike, click to keep it active' is fake. No bank blocks accounts for a strike. Do not click.
Career and technology help
Skill of the week: free AI and cloud courses
FutureSkills Prime, built by MeitY and Nasscom, gives free courses and certificates in AI, cloud computing and Generative AI, including tie-ups with AWS and Adobe. No fee, certificate on completion.
Source: FutureSkills Prime ↗
One important number
17.8%
How much bank deposits grew in the fortnight to 31 August 2026, the fastest pace in 15 years, driven mainly by NRI foreign-currency deposits.
Important dates
28-30 September — Confirmed nationwide 3-day bank strike.
30 September — Bank half-year closing; also South Indian Bank CEO P R Seshadri's last day.
1 October — RBI's uniform fixed-deposit interest rate rule takes effect.
15 October — New UPI shop fee of 0.4% begins -- corrected from 15 September, reported earlier.
26 October — HDFC Bank CEO Sashidhar Jagdishan's term ends; unions' threatened indefinite strike would also start, if unresolved.
One question
Should the government accept the five-day banking week demand before the strike? Yes/No