Big Breaking News*
We are pleased to inform all comrades that, in alignment with the Memorandum of Understanding (MoU) signed and subsequent recommendations by the Indian Banks' Association (IBA), the Cabinet has granted approval for an amendment to the Negotiable Instrument Act. This amendment, under the Negotiable Instrument Act for Bank Holidays, is slated to be effective from January 1, 2024.
As per the approved amendment, commencing from the aforementioned date, the first, third, and fifth Saturdays of every month will also be designated as official holidays for banks.
This development, endorsed by the Cabinet, not only reflects a pivotal step in the implementation of the XII Bipartite Settlement but also acknowledges the evolving needs and dynamics of the banking sector. The inclusion of these additional holidays aims to enhance the well-being and work-life balance of banking professionals.
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