Last Updated:
As of currently, there is no indicator from the federal government pertaining to the execution of the five-day workweek, states Rupam Roy, basic assistant of the All India Bank Officers’ Confederation.
Currently, financial institution branches are shut on 2nd and 4th Saturdays.
Bank staff members are not likely to obtain a 5-day workweek in December, and the All India Bank Officers’ Confederation (AIBOC) is most likely to take place anxiety quickly hereof, claimed its basic assistantRupam Roy He claimed there is no indicator from the federal government to carry out the 5-day workweek for teller already.
“We remain in the procedure of settling strategies to start a frustration quickly. We have actually additionally expanded invites to our associate unions/ organizations of UFBU to sign up with the motion. As of currently, there is no indicator from the federal government pertaining to the execution of the five-day workweek,” Rupam Roy, general secretary of the All India Bank Officers’ Confederation, told news18.com.
The United Forum of Bank Unions (UFBU) is an umbrella body of nine bank unions — AIBEA, AIBOC, NCBE, AIBOA, BEFI, INBEF, INBOC, NOBW and NOBO.
When asked about remarks from industrialists such as Infosys Chairman N R Narayana Murthy and Ola CEO Bhavish Aggarwal advocating for increased work hours, Roy responded, “These are personal opinions. At a time when global trends are moving towards reduced working hours and shorter workweeks, there is no evidence-based study to support such claims. I do not believe the government will be influenced by these individual perspectives.”
Bank staff members have actually been elevating need for a 5-day job week, and the enduring proposition is pending last authorization from the money ministry. An contract has actually currently been settled hereof in between the Indian Banks’ Association (IBA) and worker unions.
Bank worker unions have actually ensured that the 5-day workweek would certainly not cause a decrease in customer care hours. To guarantee this, the timing will certainly additionally be changed to expand functioning hours by virtually 40 mins.
Recently, the All India Bank Officers’ Confederation (AIBOC) in a blog post on X advised the money ministry and the Prime Minister’s Office to prioritise authorizing the 5-day job week proposition “for the wellness of teller and to better boost the financial industry’s effectiveness”.
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 now 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.
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.
