Bank unions’ long-standing demand regarding 5-day work week may be fulfilled later this week as the issue will come up for discussion at Friday’s meeting between the Indian Banking Association (IBA) and United Forum of Bank Unions (UFBU).
If cleared, the proposal, which will be discussed along with issues such as salary hike and requirement of group medical insurance policies for retirees, will see employees get 2 weekly offs.
Issue under active consideration: UFBU
According to CNBC, in a notification dated July 19, UFBU said the issue of 5-day work week was under ‘active’ consideration of stakeholders.
“IBA informed that the issue is under active consideration of various stakeholders and the same is being pursued. We asked the IBA to expedite the same so that 5 banking days per week is introduced without further delay,” the notification stated.
Govt’s stand on banks opening 5 days a week
Responding to an IBA proposal in this regard, the finance ministry stated it will not object to this demand of bank employees, reported CNBC. The proposal also said that on each working day, banks will open for 40 minutes over the regular closing time.
The demand for a 5-day work week first came after the policy was implemented in the Life Insurance Corporation (LIC) of India, in May 2021.
Current system of holidays in bank
At present, bank employees get off on Sundays, and second and fourth Saturdays. They also get holidays on festivals, and the Reserve Bank of India (RBI) prepares the holiday list. Online services, however, remain functional on holidays as well.
