Noida, Sep 30 (APAC Media): The Indian Banks’ Association (IBA) has formed a committee comprising representatives of bank management and employee unions to discuss the long-pending demand for a five-day banking week, following a meeting with the United Forum of Bank Unions (UFBU).
The committee will examine the demand for declaring all Saturdays as holidays for banks and discuss the issue with stakeholders, according to the IBA.
The panel is headed by Bank of India Managing Director and CEO Rajneesh Karnatak. Punjab National Bank Managing Director and CEO Ashok Chandra has been appointed alternate chairman.
Senior officials from Indian Bank, IDBI Bank and State Bank of India are also part of the committee, while the UFBU will be represented by the general secretaries of its constituent unions.
The formation of the committee follows the deferment of a three-day nationwide bank strike that was scheduled from September 28 to 30.
Bank unions have been seeking a five-day working week, with Saturdays and Sundays as weekly holidays. The demand was included in the 12th Bipartite Settlement and 9th Joint Note signed between the IBA and bank employees’ organisations in March 2024.
Under the agreement, the IBA had recommended that all Saturdays be declared holidays, with working hours on other weekdays adjusted accordingly.
The proposal requires approval from the government before it can be implemented.
All India Bank Employees’ Association (AIBEA) General Secretary C H Venkatachalam said the committee would work towards finding a solution to the demand.
“The committee will work towards finding a solution to our demand for implementation of five-day banking and will discuss the matter with all the stakeholders,” he said.
All India Bank Officers’ Confederation (AIBOC) General Secretary Rupam Roy said the decision to defer the strike did not mean that the unions had withdrawn their demand.
“The deferment was not an abandonment of the struggle but a conscious decision to test the formal mechanism created through our unity and mobilisation,” Roy said.
The committee will also take up other pending issues concerning bank employees, including concerns related to the performance-linked incentive scheme for officers.
The IBA and bank unions are expected to hold further discussions as part of the process.
However, the formation of the committee does not by itself change the existing banking holiday schedule.
Any decision to introduce a five-day banking week would require further consideration and the necessary approval from the government.
–ENDS–
Disclaimer: This article is for informational purposes only and is based on publicly available information. APAC Media is not responsible for investment decisions or losses. Please conduct your own research or consult a financial adviser before investing.
Also Read:
