5 Days Working in Bank : Bank employees have been demanding five days working for a long time. It is expected that their demand can be met by the end of this year.
An agreement has been signed between the Indian Banks Association (IBA) and employee unions regarding 2 days leave in a week for bank employees. Now this agreement is yet to get approval from the government. This approval is expected at the end of the year 2024. It is possible that by December, bank employees will have to work only 5 days a week.
Waiting for approval from the government
The forum has assured that this will not lead to a reduction in customer service hours. This was followed by the signing of a Memorandum of Understanding between the Indian Banks Association (IBA), which includes both public sector 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 agree, 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. There is no official government deadline set on that.
These rules will change
However, some bank employees said they expect the government notification to come later this year or early 2025. Once approved, Saturdays will be officially recognised as holidays under Section 25 of the Negotiable Instruments Act.
After working for 5 days, the branch will open at this time in the morning
According to reports, if the government approves day working, the daily working hours can be increased by 40 minutes. With the increase of 40 minutes, the working hours of banks will be from 9:45 am to 5:30 pm. The working hours of banks will be revised. 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 signed in 2015, RBI and the government agreed with the IBA and declared the second and fourth Saturdays as holidays.
