The demand for a 5-day work week by bank employees is likely to be fulfilled soon, as an agreement in this regard has already been signed between the Indian Banks’ Association (IBA) and employee unions. Now, just the government’s approval is pending, which the bank employees expect to get through later in 2024.
Bank employee unions, like the United Forum of Bank Unions, have been pushing for a 5-day workweek with Saturdays off for a while. They have assured that this would not lead to a reduction in customer service hours.
Following this, in December 2023, a memorandum of understanding was signed between the Indian Banks’ Association (IBA), which includes both government-run and private lenders, and bank unions. This agreement included a proposal for a 5-day workweek, subject to government approval.
Subsequently, on March 8, 2024, the 9th Joint Note was signed by the IBA and bank unions. The Joint Note, signed by IBA and the All India Bank Officers’ Confederation, outlined the transition to a 5-day week with Saturdays and Sundays off.
While the IBA and bank unions have agreed, the final decision lies with the government. The proposal will also be discussed with the Reserve Bank of India (RBI) as it regulates banking hours and interbank activities. There’s no official deadline announced by the government on that.
Once approved, Saturdays will be officially recognised as holidays under Section 25 of the Negotiable Instruments Act.
According to reports, if the 5-day work week is approved by the government, the revised working hours will also by announced to extend the workday by 40 minutes, from 9:45 am to 5:30 pm.
Currently, bank branches are closed on second and fourth Saturdays. Banks unions have been demanding since 2015 offs on all Saturdays and Sundays. Under the 10th Bipartite Settlement signed in 2015, RBI and the government agreed with the IBA and declared second and fourth Saturdays as holidays.
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