look news india
5 Days Working in Bank: The long-standing demand of bank employees may be fulfilled this year. An agreement has been reached between the Indian Banks Association (IBA) and employee unions regarding two days off in a week for bank employees. Now only the government's approval is needed, which the bank employees are expected to get by the end of 2024. Bank employee unions like the United Forum of Bank Unions have been insisting on a 5-day working day with Saturday off for some time now.
Waiting for government approval
The forum has assured that this will not lead to a reduction in customer service hours. This was followed by a Memorandum of Understanding signed between the Indian Banks Association (IBA), which comprises both public and private banks, and bank unions in December 2023. The agreement included a proposal for 5-day working, subject to government approval. This was followed by the signing of the 9th joint note of IBA and bank unions on 8 March 2024. The joint note signed by the IBA and All India Bank Officers Confederation outlines 5-day working with Saturdays and Sundays off. While the IBA and 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 the internal functioning of banks
The rules will change
However, some bank employees said they expected the government notification to come by the end of this year or early 2025. Once approved, Saturday will be officially recognised as a holiday under Section 25 of the Negotiable Instruments Act.
After the amendment, banks will open at this time in the morning
According to reports, if the government approves daytime work, the daily working hours can increase by 40 minutes. The working hours of banks will be increased by 40 minutes from 9:45 am to 5:30 pm. The working hours of banks will be changed. Currently, bank branches remain closed on the second and fourth Saturdays. Bank unions have been demanding holidays on all Saturdays and Sundays since 2015. Under the 10th bilateral agreement in 2015, RBI and the government agreed with IBA and declared holidays on the second and fourth Saturdays.