All India Bank Officers’ Confederation general secretary Rupam Rai says that so far, there is no indication from the government about implementing a five-day workweek.
Currently, bank branches are closed on second and fourth Saturdays.
According to the All India Bank Officers’ Confederation (AIBOC), bank employees are unlikely to get a 5-day workweek in December and the officers’ body is likely to go on an agitation soon. He said that there is no indication from the government yet to implement a 5-day workweek for bank employees.
“We are in the process of finalizing plans to launch an agitation soon. We have also sent invitations to our affiliated unions/UFBU associations to join the movement. So far, five government There is no indication of implementation of a fast workweek,” said All India Bank Officers’ Confederation General Secretary Rupam Rai. news18.com.
The United Forum of Bank Unions (UFBU) is an umbrella organization of nine bank unions — AIBEA, AIBOC, NCBE, AIBOA, BEFI, INBEF, INBOC, NOBW and NOBO.
When asked about the remarks of industrialists like Infosys chairman NR Narayan Murthy and Ola CEO Bhavesh Agarwal, Rai replied, “These are personal opinions. At a time when global trends are towards reduced working hours and There are no evidence-based studies to support such claims. I’m not sure the government will be swayed by these individual approaches.”
Bank employees are demanding a 5-day work week, and the long-standing proposal is pending final approval from the finance ministry. An agreement in this regard has already been reached between the Indian Banks Association (IBA) and the employee unions.
Bank employee unions have assured that the 5-day workweek will not lead to a reduction in customer service hours. To ensure this, the working hours will also be revised to extend by about 40 minutes.
Recently, the All India Bank Officers’ Confederation (AIBOC) in a post on X urged the Finance Ministry and the Prime Minister’s Office to “approve the proposal for a 5-day work week for the welfare of bank employees. Prioritize the performance of the banking sector”.
In December 2023, a memorandum of understanding was signed between the Indian Banks Association (IBA), which includes public and private lenders, and the bank union. The agreement included a proposal for a 5-day workweek subject to government approval.
Subsequently, on 8 March 2024, the 9th Joint Note was signed by the IBA and the Bank Unions. The joint note, signed by the IBA and the All India Bank Officers’ Confederation, outlines the transition to a 5-day week with Saturday and Sunday off.
While the IBA and bank unions have agreed, the final decision now rests with the government. The proposal will also be discussed with the Reserve Bank of India (RBI) as it regulates banking hours and interbank activities. No official deadline has been announced by the government on this.
Once approved, Saturdays will be officially recognized as holidays under Section 25 of the Negotiable Instruments Act.
Currently, bank branches are closed on second and fourth Saturdays. Bank unions have been demanding holidays on all Saturdays and Sundays since 2015. Under the 10th bilateral settlement signed in 2015, the RBI and the government agreed with the IBA and declared the second and fourth Saturdays as holidays.