India, Sept. 27 -- The three-day bank strike scheduled to begin on September 28 has been deferred following an understanding reached between bank unions and the Indian Banks' Association (IBA).

Confirming the development, the All India Bank Officers' Confederation (AIBOC) wrote on X: "Understanding reached. Strike deferred."

Currently, banks remain closed on the second and fourth Saturdays of every month.

"After detailed discussions, understandings have been reached and hence our agitations and strike actions are deferred. Details follow," the UFBU said in an announcement, as quoted by The Mint.

According to UFBU key negotiator C.H. Venkatachalam, the two sides reached an understanding on three broad issues.

"Second, on performance-l...