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.
The Banks’ union first get clarification from the Govt. that will it be five days Banking and treated four Saturdays as ‘non working days’ because as per previous 2015 BPS second and fourth Saturday are non working days but due to heavy work load in a few branches Branch official come and complete pendency and because such officials do not come on the call by Bank, therefore, no any extra out of pocket expenses is given. Thus, unions think over this point that in future five days Banking should not be converted in way of unseen exploitation of officials.
Banks are not LICs . Banks are entity from where public at Large are serviced every day . Banks mooted an idea 8 to 8 but eventuality it didn’t materialise . Customers wanted 8 to 8 because traders were also in favour because all the customers wanted it for their convenience preferably every day with long hours.. What LIC can accommodate 5 days week schedule , Banks can I’ll afford . If we take an all India census , pan India will vouch for 6 days if not 7 day banking. Union.leaders should also go for national consensus . Popular decision is not proper every time.
Banks are the backbone of any economy in the world. Any type of government plan for the public welfare related to money are implemented by the banks only. In country like India which is migrating from developing country to Developed country banks are in the mainframe. The aim of Central government to make India a developed country by 2038 is to be achieved by banks only. In this scenario banks in India should be opened not only 8 to 8 but 24*7 which will help customers to get service any point of time at their wish and time. Many corporates are already running 24*7 in India. Some people are engaged in 9 to 9 job which make them very difficult to go to any branch and be in long que to withdraw money from their accounts. Afterall this is their hard earned money so it must be their choice that at what point of time they want to withdraw their money from their account. Govt must think on this.
Bank employee should give 4 days banking a week due to lot of stress in the sector.Banks are backbone of economy and in stress economy fluctuates therefore 4 day banking a week and also working hour should reduce to 6 hour for smooth functioning of banks and also work life balance
That’s why the facility of digital banking is there so that customers can withdraw money anytime and various modes are being made available. For 24*7 services to happen more recruitment should be there as you cannot expect the same people to work 24*7
Banking is an evolving sector like foreign countries ,work life balance is very important ,Indians Banks are facing tremendous pressure from Government agencies and other factors which makes them a very vulnerable sector ,so to make people in decisive manner ,5 days is must and also working hour should be reduced
Govt should declare 5 day week like RBI,Stock market,Lic,all insurance company,state govt.,central govt. As compare to all other department banking sector job very stressful.
Why bank need 24/7 because
Customers want to utilise the services from human beings not from alternative services.
Moreover whole heart to say a solider will work from time to time in a discpline manner.
Where as banker working timings are horrible from morning 9 to night 11 o’clock pm
Pressure from management.
Nobody will see this work from bank employees
They just make a sentence to bankers are having lethargic attitude. If it is true means
A customer can utilise the bank service with alternative channels, like ATM, mobile banking, payment banks
If customer is not able to utilise the alternative services then customer is not having lethargic attitude.
How it is correct.
Hence all bank employees need 5 days banking
All non bankers who are Commenting are very good essay writers and lack of experience or i think they are bots using A. I technology