Bank employees have long been advocating for a five-day workweek, and there is growing optimism that their demand may soon be fulfilled. An agreement has already been signed between the Indian Banks’ Association (IBA) and the employees’ unions, proposing a two-day weekly off for bank employees. However, this agreement still requires government approval, which is expected to be granted by the end of 2024. If all goes as planned, bank employees may start working only five days a week by December.
This news is circulating all across the news websites but it has not been officially verified. Recently, General Secretary of All India Punjab National Bank Officers Federation had also posted on twitter regarding 5 day banking. He posted that 5 day banking proposal has been cleared by DFS and is pending at Prime Minister’s Office (PMO).
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Assurance of Uninterrupted Customer Service
It is important to note that while bank employees may be working fewer days, the forum has assured that customer service hours will not be reduced. This is a crucial aspect to ensure that customers’ needs continue to be met effectively.
Agreement Details and Government Approval
In December 2023, a Memorandum of Understanding (MoU) was signed between the IBA and bank unions, encompassing both public and private banks. This MoU proposed a five-day workweek, pending government approval. Subsequently, on March 8, 2024, the IBA and bank unions signed the 9th joint note, which outlined a five-day workweek with Saturdays and Sundays off. While the IBA and bank unions are in agreement, the final decision rests with the government. The proposal will also be discussed with the Reserve Bank of India (RBI), which regulates banking hours and internal bank operations. At present, no official government timeline has been set for making a decision on this matter.
Expected Timeline and Recognition of Saturdays as Holidays
Some bank employees anticipate that the government notification approving the new working day arrangement will be issued either 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.
1 comment:
5 days is not a recent demand by bank employees. Govts work to be done instantly. Then why it's approval required so much time. It is inefficiency of banks management and govt as well in settling long pending issue
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