5 Days Working in Bank: The long standing demand of bank employees can be fulfilled this year. An agreement has already been signed between the Indian Banks Association (IBA) and employee unions regarding two days leave in a week for bank employees. Now only government approval is left
5 Days Working in Bank: The long standing demand of bank employees can be fulfilled this year. An agreement has already been signed between the Indian Banks Association (IBA) and employee unions regarding two days leave in a week for bank employees. Now all that is required is the government’s approval, which the bank employees are expected to get by the end of 2024. Bank employee unions like United Forum of Bank Unions have been insisting for 5 days working with Saturday holiday for some time.
Awaiting government approval
The forum has assured that this will not result in 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. This agreement included a proposal for 5 days working, which was subject to government approval. After 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. While 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.
Rules will change
However, some bank employees said that 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.
After revision the bank will open at this time in the morning
According to reports, if the government approves day working, then the daily working hours can be increased by 40 minutes. The working hours of banks will be increased by 40 minutes 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. Bank unions have been demanding holiday on all Saturdays and Sundays since 2015. 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.
