The Indian Banks’ Association (IBA) formed a high-level committee on September 29 to examine the implementation of a five-day working system in banks. Bank employees have been demanding a five-day workweek for a long time. The committee has now held an important meeting to discuss the proposal and consider the next steps.
Bank employees may soon get a major relief, as the 5-day work week system could be introduced in banks. Under this system, bank employees would work only five days a week, with Saturdays and Sundays as holidays.A high-level committee formed to resolve the issue held its first meeting on Wednesday, September 29. According to Business Today, the committee may soon finalize its report. After the report is submitted, the Reserve Bank of India and the Ministry of Finance will take the final decision on the proposal.
RBI and Finance Ministry to Take the Final Decision
All India Bank Employees Association (AIBEA) General Secretary C.H. Venkatachalam spoke about the meeting. He said the high-level committee will discuss the proposal to introduce a 5-day work week in banks and will submit its recommendations and suggestions.After that, the Reserve Bank of India (RBI) and the Ministry of Finance will have to take the proposal forward, which may require necessary legal changes.He also clarified that the high-level committee is only responsible for considering the proposal for a 5-day work week in banks. Other demands, such as performance-based incentives, better pensions, and improved working facilities, will be discussed separately. These issues are outside the committee’s scope.The All India Bank Employees Association is one of the seven unions that are part of the United Forum of Bank Unions (UFBU).
Committee Formed on September 29
The Indian Banks’ Association (IBA) formed a high-level committee on September 29 following discussions to call off a proposed three-day strike by bank unions.The committee was formed to consider the implementation of a 5-day work week in banks. It includes senior representatives from the IBA and the United Forum of Bank Unions (UFBU), along with BKS(M) General Secretary Vinod Nikam.
Bank of India Managing Director and CEO Rajneesh Karnatak will chair the high-level committee, while Punjab National Bank Managing Director and CEO Ashok Chandra will serve as the alternate chairman.
Bank unions have been demanding for a long time that banks remain open from Monday to Friday. They argue that bank employees already work long hours.They have also pointed out that the Reserve Bank of India (RBI) and the Department of Financial Services already follow a five-day work week.At present, however, all banks remain closed on the second and fourth Saturdays of every month.
