The ongoing 12th Bipartite Settlement for Banks has brought forward a significant demand from bankers, which is the introduction of 5 Day Banking. The Memorandum of Understanding (MoU) was signed on December 7, 2023, but the implementation has been pending due to the non-approval of 5 day banking by the central government. The prolonged delay has prompted the bank union, the United Forum of Bank Unions, to address the issue by writing a letter to the Finance Minister, Nirmala Sitharaman. The letter appeals to the Finance Minister to investigate the matter and grant permission for the implementation of 5 day banking. Click here to Join our Whatsapp group to get updates on 5 day banking ➜
In the previous settlement reached in 2015, it was agreed that the second and fourth Saturdays of each month would be designated as bank holidays. It was also decided to consider the demand of declaring the remaining Saturdays as holidays at a later stage, after implementing the provision for holidays on two Saturdays per month.
Bankers are currently facing considerable stress due to their demanding work schedules. Therefore, it is fitting to declare the remaining Saturdays as holidays. It has been mutually agreed with the Indian Banks’ Association that the implementation of these additional holidays will not result in a reduction of total banking hours for customers or in the total working hours for employees and officers. This system is already in practice at the Reserve Bank of India (RBI) and Life Insurance Corporation (LIC), and therefore, it should also be implemented in banks.
The aim is to alleviate the stress faced by bankers while maintaining the same level of service provided to customers. By adopting this system, the banking sector can align with the practices followed by RBI and LIC, ensuring a fair and balanced approach to working hours and holidays.
