New Delhi, Sept. 27 -- The United Forum of Bank Unions (UFBU) late on Sunday said 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 the 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," the UFBU said in the announcement.

The two sides reached an understanding on three broad issues, said UFBU key negotiator C.H. Venkatachalam. "On five-day banking, the IBA has agreed to form a high-level committee comprising repr...