Bank unions threaten January 27 strike over 5-day work week

Bank unions threaten January 27 strike over 5-day work week


UFBU said the proposal was agreed in principle during the March 2024 wage settlement with the Indian Banks’ Association and stressed there would be no loss of man-hours, with employees willing to work 40 extra minutes daily. (a representative image)
| Photo Credit:
Emmanual Yogini/ The Hindu.

Bank employees’ unions under the aegis of the United Forum of Bank Unions (UFBU) have threatened to go on a nationwide strike on January 27, demanding implementation of a 5-day week.

If the strike materialises, it would have a significant impact primarily on the operations of public sector banks for three days in a row, as January 25 and 26 are holidays.

At present, bank employees get off on the second and fourth Saturday of each month, apart from Sundays.

Declaring the remaining two Saturdays as holidays was agreed between the Indian Banks’ Association (IBA) and UFBU during the wage revision settlement in March, 2024.

“It is unfortunate that the government is not responding to our genuine demand. There would be no loss of man-hours because we have agreed to an extra 40 minutes working per day from Monday to Friday,” UFBU said in a statement.

Already, RBI, LIC, GIC, etc., are working for 5 days a week, it said, adding that the foreign exchange market, money market, stock exchanges, etc., are not working on Saturdays. Also, the central and state government offices do not work on Saturdays.

Hence, it said, there is no reason why banks cannot introduce a 5-day week.

It has been decided to give the call for an all India strike in all the banks on January 27, 2026, it added.

UFBU is an umbrella organisation of nine major bank unions in India, representing employees and officers across public sector banks and some old generation private banks.

The statement further said the union’s social media campaign #5DayBankingNow has got 18,80,027 impressions and about 2,85,200 posts on X.

Published on January 5, 2026



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Rubio says US will not run Venezuela, signals limited role

Rubio says US will not run Venezuela, signals limited role


U.S. Secretary of State Marco Rubio speaks as U.S. President Donald Trump stands behind him during a press conference following a U.S. strike on Venezuela where President Nicolas Maduro and his wife, Cilia Flores, were captured, from Trump’s Mar-a-Lago club in Palm Beach, Florida, U.S., January 3, 2026.
| Photo Credit:
REUTERS/Jonathan Ernst

Secretary of State Marco Rubio suggested Sunday that the United States would not take a day-to-day role in governing Venezuela other than enforcing an existing “oil quarantine” on the country, a turnaround after President Donald Trump announced a day earlier that the US would be running Venezuela following its ouster of leader Nicolás Maduro.

Rubio’s statements on TV talk shows seemed designed to temper concerns about whether the assertive American action to achieve regime change might again produce a prolonged foreign intervention or failed attempt at nation-building.

They stood in contrast to Trump’s broad but vague claims that the US would at least temporarily “run” the oil-rich nation, comments that suggested some sort of governing structure under which Caracas would be controlled by Washington.

But Rubio offered a more nuanced take, saying the US would continue to enforce an oil quarantine that was already in place on sanctioned tankers before Maduro was removed from power early Saturday and using that leverage as a means to press policy changes in Venezuela.

“And so that’s the sort of control the president is pointing to when he says that,” Rubio said on CBS’ “Face the Nation.” “We continue with that quarantine, and we expect to see that there will be changes, not just in the way the oil industry is run for the benefit of the people, but also so that they stop the drug trafficking.”

The blockade on sanctioned oil tankers — some of which have been seized by the US — “remains in place, and that’s a tremendous amount of leverage that will continue to be in place until we see changes that not just further the national interest of the United States, which is number one, but also that lead to a better future for the people of Venezuela,” he added.

Trump repeated vow US would ‘run’ Venezuela

Trump’s vow to “run” Venezuela, repeated more than half a dozen times at a news conference in Florida on Saturday, sparked concerns among some Democrats.

It also drew unease from parts of his own Republican coalition, including an “America First” base that is opposed to foreign interventions, and also from observers who recalled past nation-building efforts in Iraq and Afghanistan.

Rubio dismissed such criticism, saying that Trump’s intent had been misunderstood by a “foreign policy establishment” that was fixated on the Middle East.

“The whole foreign policy apparatus thinks everything is Libya, everything is Iraq, everything is Afghanistan,” Rubio said. “This is not the Middle East. And our mission here is very different. This is the Western Hemisphere.”

Rubio also suggested that the US would give Maduro’s subordinates who are now in charge time to govern, saying, “We’re going to judge everything by what they do, and we’re going to see what they do.” And though he did not rule out a US military presence in Venezuela, Rubio said the current US “force posture” was capable of stopping drug boats and sanctioned tankers.

A day earlier, Trump told reporters, “We’re going to run the country until such time as we can do a safe, proper and judicious transition.” He later pointed to his national security team with him, including Rubio and Defence Secretary Pete Hegseth, and said it would be done for a period of time by “the people that are standing right behind me. We’re gonna be running it we’re gonna be bringing it back.” The White House declined to comment beyond what Trump said Saturday.

Maduro’s arrival

Maduro landed late Saturday afternoon at a small airport in New York City’s northern suburbs following the middle-of-the-night operation that extracted him and his wife, Cilia Flores, from their home in a military base in the capital, Caracas — an act that Maduro’s government called “imperialist.” The couple faces US charges of participating in a narco-terrorism conspiracy.

The dramatic seizure of the Maduros capped an intensive Trump administration pressure campaign on Venezuela’s autocratic leader and months of secret planning, resulting in the most assertive American action to achieve regime change since the 2003 invasion of Iraq. Legal experts raised questions about the lawfulness of the operation, which was done without congressional approval.

Venezuela’s vice president, Delcy Rodriguez, meanwhile, demanded that the US free Maduro and called him the country’s rightful leader as her nation’s high court named her interim president.

After arriving at the airport, Maduro was flown by helicopter to Manhattan, where a convoy of law enforcement vehicles, including an armoured car, was waiting to whisk him to a nearby US Drug Enforcement Administration office. A video posted on social media by a White House account showed Maduro, smiling, as he was escorted through that office by two DEA agents grasping his arms.

He is due to make his first appearance Monday in Manhattan’s federal court.

Maduro and other Venezuelan officials were indicted in 2020 on narco-terrorism conspiracy charges, and the Justice Department released a new indictment Saturday of Maduro and his wife that painted his administration as a “corrupt, illegitimate government” fuelled by a drug-trafficking operation that flooded the US with cocaine. The US government does not recognise Maduro as the country’s leader.

The Trump administration spent months building up American forces in the region and carrying out attacks on boats in the Caribbean Sea and eastern Pacific Ocean for allegedly ferrying drugs. Last week, the CIA was behind a drone strike at a docking area believed to have been used by Venezuelan drug cartels — the first known direct operation on Venezuelan soil since the US campaign began in September.

Quiet falls in Venezuela after US operation

Venezuela’s capital remained unusually quiet Sunday with few vehicles moving around and convenience stores, gas stations and other businesses closed. A road typically filled with runners, cyclists and other fitness enthusiasts on Sundays only had a handful of people working out the day after Maduro was deposed.

The presidential palace was guarded by armed civilians and members of the military. At a nearby plaza, only a street sweeper and a soldier stood, and across the street, a church remained close for a second day in a row.

Caracas resident David Leal arrived to the lot where he parks vehicles for a living only to quickly realise that he would likely not see any clients for a second day.

“People are still shaken,” said Leal, 77.

Published on January 4, 2026



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Trump posts list of nations, including Pakistan, Bangladesh, whose immigrants receive welfare in US; India not on list

Trump posts list of nations, including Pakistan, Bangladesh, whose immigrants receive welfare in US; India not on list


US President Donald Trump
| Photo Credit:
REUTERS

US President Donald Trump on Sunday posted a list of several countries, including Pakistan, Bhutan, China, Bangladesh and Nepal, to highlight rates of welfare and assistance received by immigrants from those countries in the US, a compilation that does not include India.

The ‘Immigrant Welfare Recipient Rates by Country of Origin’ list includes about 120 nations and territories around the world, whose immigrants in the US receive assistance. India is not on the list.

The chart, posted by Trump on Truth Social, highlights the immigrants’ country of birth and the percentage of immigrant households receiving assistance.

The list includes Bangladesh, with 54.8 per cent of immigrant households from that country receiving assistance, Pakistan (40.2 per cent), Nepal (34.8 per cent), China (32.9 per cent), and Israel/Palestine (25.9 per cent), Ukraine 42.7 per cent and Asia (not elsewhere classified/not specified) 38.8 per cent.  Data has shown that Indian-Americans have among the highest median household incomes among major ethnic groups in the US.

According to the Pew Research Centre, Indian Americans are the second-largest Asian origin population living in the US, accounting for approximately 21 per cent of the country’s Asian population.

The median annual income of Indian-headed households was USD 151,200 in 2023.

Among Asian-headed households overall, it was USD 105,600. Households with an Indian immigrant household head had a higher median annual income than those with a US-born Indian household head (USD 156,000 vs. USD 120,200).

The median annual personal earnings of Indian Americans ages 16 and older were USD 85,300 in 2023, higher than among Asians overall (USD 52,400), according to Pew data.

Published on January 4, 2026



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Bank of Baroda logs 15% loan growth in Q3

Bank of Baroda logs 15% loan growth in Q3


State-owned Bank of Baroda (BoB) on Sunday said it has registered a credit growth of 14.57 per cent to ₹13.44 lakh crore in the third quarter of FY26 ending December 2025.

The total outstanding credit was ₹11.73 lakh crore at the end of the third quarter of previous fiscal, BoB said in a regulatory filing.

The lender reported a 10.25 per cent increase in total deposits to ₹15.47 lakh crore in the reporting quarter against ₹14.03 lakh crore at the end of the third quarter of the previous financial year.

As a result, the total business (total credit and deposits) of the bank registered an increase of 12.22 per cent to ₹28.91 lakh crore compared with ₹25.76 lakh crore at the end of December 31, 2024.

Published on January 4, 2026



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RBI top brass to meet NBFC chiefs

RBI top brass to meet NBFC chiefs


Reserve Bank of India (RBI) top brass will soon meet chiefs of select non-banking finance companies (NBFCs) in the backdrop of their credit growth outstripping banks’ credit growth and their growing reliance on external funding.

The meeting will be part of the Central bank’s series of engagement with the Boards and Senior Management of its Regulated Entities.

NBFCs’ gross advances rose by a robust 21.1 per cent year-on-year (y-o-y) as at September-end 2025 against Scheduled Commercial Banks’ (SCBs) gross advances growth of 11 per cent, per the latest Financial Stability Report (FSR). This Report is a half-yearly publication of all financial sector regulators.

Within gross advances, consumer segment advances of NBFCs were up by 21.3 per cent y-o-y as at September-end 2025 against SCBs’ growth of 16.8 per cent.

Flagging the growing reliance of NBFCs on external funding, the FSR noted that this has increased the NBFC sector’s susceptibility to exchange rate volatility, which could partly erode the benefits of lower funding costs in periods of stress. Notably, close to 86 per cent of the foreign currency borrowings are hedged.

Key concern

The report noted that the growth in non-bank financial intermediaries (NBFIs: NBFCs, including microfinance institutions and housing finance companies; mutual funds; insurance and pension funds; development finance institutions; and other financial intermediation activities) and their increasing interlinkages with the banking system is a key concern globally. In India too, banks asset exposures to NBFIs are rising.

In his meeting with the chiefs of Public Sector Banks and select Private Sector Banks last month, RBI Governor Sanjay Malhotra asked them to avoid complacency and remain vigilant in a dynamic environment.

The aforementioned cautionary note came even as he emphasised that there has been a steady improvement in the health and operations of the banking sector in 2025.

Published on January 4, 2026



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US-Venezuelan conflict not to impact India's trade: GTRI

US-Venezuelan conflict not to impact India's trade: GTRI


Woman reacts as Venezuelans living in Chile gather to celebrate, after the United States struck Venezuela and captured its President Nicolas Maduro and his wife Cilia Flores overnight, in Concepcion, Chile, January 3, 2026
| Photo Credit:
JUAN GONZALEZ

The US-Venezuela conflict will have a negligible impact on India’s trade with the South American country, think tank GTRI said on Sunday.

On January 4, American forces carried out a large military operation in Venezuela, capturing President Nicolas Maduro and his wife and taking them to the US to face various charges, including narco-terrorism and drug trafficking.

“India faces negligible impact, as trade with Venezuela has collapsed under sanctions, with crude imports down 81.3 per cent in FY2025 and overall bilateral trade remaining marginal,” the Global Trade Research Initiative (GTRI) Founder Ajay Srivastava said.

For India, he said, the Venezuelan disturbance is unlikely to have any material economic or energy impact.

Although India was a major buyer of Venezuelan crude in the 2000s and 2010s, bilateral engagement has weakened sharply since 2019 due to US sanctions, which forced India to cut oil imports and scale back commercial activity to avoid secondary sanctions, he added.

As a result, Srivastava said India’s trade with Venezuela is now small and declining.

In FY2025, India’s total imports from Venezuela were just USD 364.5 million, of which crude oil accounted for USD 255.3 million, an 81.3 per cent drop from USD 1.4 billion in crude imports in FY2024.

India’s exports to Venezuela were modest at USD 95.3 million, led by pharmaceuticals worth USD 41.4 million.

“Given the low trade volumes, existing sanctions constraints, and the large geographical distance, the current developments in Venezuela are not expected to have any meaningful impact on India’s economy or energy security,” he said.

Venezuela holds about 18 per cent of the world’s oil reserves, more than Saudi Arabia (around 16 per cent), Russia (about 5-6 per cent), or the United States (around 4 per cent).

Published on January 4, 2026



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