Bhagwat Karad, Minister of State for Finance, reportedly stated in Parliament that the IBA proposal had been received. He did not, however, clarify on the proposal’s status or whether the Finance Ministry is contemplating accepting it, reports ToI.
Bank holidays in December 2023: Banks to remain closed for 18 days, check state-wise full list
Banks are now closed on the second and fourth Saturdays of each month. If the plan for a 5-day work week for bank personnel is approved, their work hours will probably be increased, as would the operational hours of banks for customers, states the ToI report.
According to the Rajya Sabha UNSTARRED QUESTION NO. 211 answered on December 5 regarding a response to bank union and IBA proposals on implementation:
whether any demand has been made by the Bank Union or IBA regarding the implementation of the five-day work plan in nationalized banks or whether there is any plan to implement it, if so, the details thereof?
ANSWER
MINISTER OF STATE IN THE MINISTRY OF FINANCE
(DR. BHAGWAT KARAD)
Yes, IBA has submitted a proposal to declare all Saturdays as banking holiday. In regard to the Saturdays being public holiday, subsequent to 10th Bipartite settlement/ 7th Joint note signed between IBA and Workmen Unions/Officer Associations, Government, in exercise of powers conferred by section 25 of the Negotiable Instruments Act, 1881, vide notification dated 20.8.2015, had declared the second and the fourth Saturdays of every month as public holiday for banks in India.
According to the ToI news report, “The Indian Banks’ Association suggested the 15% increase, but unions are pressing for a higher raise along with other alterations. Certain banks, including PNB, have already begun allocating more funds for the wage hike. PNB, based in Delhi, has set aside finances expecting a 15% rise, an increase from the previously budgeted 10%, during the September quarter.”