None
Skip to mainBank employees may soon work a five-day week, like the central government employees. The Union Forum of Bank Workers and the Indian Banks' Association (IBA) have made headway in their negotiations, with the association agreeing in principle to a five-day workweek in exchange for longer hours.
According to section 25 of the Negotiable Instruments Act, the government will be required to declare every Saturday a holiday, according to S Nagarajan, general secretary of the All India Bank Officers' Association. He continued by saying that because the agreement had been in place for a while, it fell outside of the scope of the pay negotiations. But, the government also has a voice because it owns the public sector banks. Since it determines the timing of the majority of interbank activities, the RBI will also need to adopt the plan.
During its Tuesday meeting with union leaders, IBA accepted the plan, according to a senior union official who was not present at the meeting. IBA representatives were unavailable for comment.
Employees will work 40 minutes longer each day from 9:45 am to 5:30 pm, according to sources. The idea is made at a time when stock markets intend to boost trading to catch up with Western markets.
Customers who need to keep track of whether it's a working Saturday are frequently confused because bank workers now work on alternating Saturdays. A five-day workweek has long been demanded by bank unions. Once LIC approved a five-day workweek proposal prior to its IPO, demands have increased.
According to bankers, mobile banking, ATMs and internet banking have become the primary channels for customers to access their bank accounts over the years. However, a particular segment of customers was still dependent on bank branches. Banks have increasingly started moving customers to self-service by installing cash deposit machines and machines for passbook printing.
🕑 24 Apr, 2025 10:21 PM
Staff Side constitutes panel for drafting memorandum to 8th CPC when formed
🕑 24 Apr, 2025 10:17 PM
8th Pay Commission likely to be set up by mid May
🕑 09 Apr, 2025 10:27 AM
Loan EMIs to get Cheaper as RBI cuts Repo Rate sgain | See the benefit
🕑 04 Apr, 2025 04:49 PM
AICPI-IW declines again, may affect DA hike in July 2025
🕑 02 Apr, 2025 08:27 AM
8th Pay Commission update: Standing Committee of NC-JCM to meet on April 23
🕑 02 Apr, 2025 08:11 AM
Holiday declare for 14th April, 2025 – Birthday of Dr. B.R. Ambedkar
🕑 28 Mar, 2025 04:24 PM
Cabinet approves 2% Dearness Allowance hike from January 2025
🕑 26 Mar, 2025 03:07 PM
Will Govt Delay 8th CPC Implementation? Amendment Sparks Fears
🕑 26 Mar, 2025 11:11 AM
Government Progresses Towards Establishment of Eighth Pay Commission
🕑 04 Apr, 2025 04:46 PM
NPS To UPS Switch from April 1: A Detailed Look at the Option to Switch
🕑 30 Mar, 2025 11:01 AM
8th Pay Commission implementation may get delayed till 2027 – Here’s why
🕑 27 Mar, 2025 10:25 PM
7th CPC wanted a permanent pay panel, end DA revision twice
🕑 27 Mar, 2025 08:43 AM
8th Pay Commission: What Kind Of Salary Hike Can Be Staff Expected?
🕑 20 Mar, 2025 08:24 AM
Why the commuted pension is restored after 15 years, not 12 years
🕑 17 Mar, 2025 08:37 AM
📈 Expected Dearness Allowance (DA) from January 2026 Calculator
🕑 05 Mar, 2025 09:27 PM
8th CPC to reduce number of allowances applicable to employees, pensioners?