Bank Employees To Work 5 Days A Week With Longer Duty Hours; IBA Considering Proposal: Reports

Clipitas

Editor

posted on 1 year ago — updated on 1 second ago

35
views

Once the proposal is finally accepted, the government will have to notify all Saturdays as holidays under Section 25 of the Negotiable Instruments Act

Bank employees are soon likely to get 2 days of weekly offs, as the Indian Banks Association (IBA) is said to be considering bank unions’ demand for a five-day work week, according to media reports. The reports, however, said the working hours might be increased by 50 minutes each day in 5-day work week.

Talks regarding this are going on between the IBA and United Forum of Bank Employees (UFBEs), and the association has agreed in principle for a 5-day work week, according to the reports.

S Nagarajan, general-secretary of All India Bank Officers’ Association, was quoted by Times of India as saying that the government will have to notify all Saturdays as holidays under Section 25 of the Negotiable Instruments Act.

Currently, bank employees work on alternate Saturdays.

He said that as the owner of the public sector banks, the government also has a say. The RBI also needs to accept the proposal. According to the TOI report, employees will need to work 40 minutes more everyday from 9.45 am to 5.30 pm.

Bank Holidays in March 2023

Banks will remain closed for up to 12 days in the month of March, including second and fourth Saturdays, and Sundays. While some bank holidays will be observed nationwide, some others will be local holidays. It may be noted that the banks in India follow the gazetted holidays. While all banks remain shut on public holidays, some banks observe regional festivals and holidays.

Many festivals are there in the month of March 2023 such as Holi, Chaitra Navratri, Ram Navami, and more.

Reserve Bank of India places its Holidays under three brackets -Holiday under Negotiable Instruments Act; Holiday under Negotiable Instruments Act and Real Time Gross Settlement Holiday; and Banks’ Closing of Accounts. However, it must be noted that the bank holidays vary in various states as well not observed by all the banking companies. Banking holidays also depend on the festivals being observed in specific states or notification of specific occasions in those states.

Read all the Latest Business News here