5 day working for Banks to come into effect soon
5 day working for Banks to come into effect soon
It comes as big news for bank employees as five-day working to come into effect starting this month. Obviously banking hours will start early in the morning.
The enduring demand of bank employees finally gets fulfilled this year. An agreement has already been signed amid the Indian Banks Association (IBA) and employee unions regarding two days leave in a week for bank employees. Now only government approval is left
Infact, Bank employee unions like United Forum of Bank Unions have been insisting for
5 days working with Saturday holiday for some time.
The forum ensures that there will be no reduction in customer service hours. This was followed by a Memorandum of Understanding signed in December 2023 between the Indian Banks Association (IBA), which comprises both public and private banks, and bank unions.
The agreement included a proposal for 5 days working, subject to government approval. Following this, the
9th joint note of IBA and bank unions was signed on 8 March 2024. The joint note signed by the IBA and the All India Bank Officers Confederation outlines 5-day working with Saturday and Sunday off.
Even as the IBA and the bank unions have agreed, the final decision rests with the government. The proposal will also be discussed with the Reserve Bank of India (RBI) as it regulates banking hours and internal functioning of banks. The government has not set any official deadline on that.
However, as per some bank employees they expect the government notification to come by the end of this year or early 2025. Once approved, Saturdays will be officially recognized as holidays under Section 25 of the Negotiable Instruments Act.
According to reports, upon the government’s approval, the daily working hours will be increased by 40 minutes. The working hours of banks will be from 9:45 am to 5:30 pm. The working timings of banks will be revised. At present bank branches remain closed on second and fourth Saturdays.
Since 2015, Bank unions have been demanding holiday on all Saturdays and Sundays. Under the 10th bilateral agreement signed in 2015, the RBI and the government agreed with the IBA and declared the second and fourth Saturdays as holidays.
News Edit K.V.Raman
