India, Sept. 28 -- The United Forum of Bank Unions (UFBU) late on Sunday said that it has deferred its proposed three-day nationwide bank strike beginning Monday, after the Indian Banks' Association (IBA) agreed to form a high-level committee with the forum to consider its demand for a five-day banking week.

The development came after UFBU's late-night meeting with the IBA. "After detailed discussions, understandings have been reached, and hence our agitations and strike actions are deferred. Details follow," Ufbu said in the announcement.

"On five-day banking, the IBA has agreed to form a high-level committee comprising representatives of the IBA and the United Forum," said UFBU key negotiator C.H. Venkatachalam.

"The committee will w...