We are pleased to inform you that 5 days banking has been confirmed, and as a result, banks will now remain closed on all Saturdays. This confirmation has been released by bank unions to its members, and reputable news websites have recently reported that the government is willing to approve 5 day banking and will make an announcement at an appropriate time. The formalities signing of the agreement will take place on 8th March 2024. A note regarding 5 days banking will be placed in 12th Bipartite Settlement (12th BPS) agreement. Please read below for full information.
There have been numerous speculations surrounding the inclusion of 5 days banking in the Joint Note/Bipartite settlement. The Indian Banks’ Association (IBA) has not provided any clarity or confirmation on the matter. In light of this, the All India Bank Officers’ Confederation (AIBOC) called for an urgent meeting of General Secretaries from all affiliated unions to discuss whether or not to sign the settlement without a mention of 5 days banking, which several other unions are ready to sign.
AIBOC’s Decision and Stand
During the meeting, it was unanimously decided that AIBOC would not sign the settlement without at least confirming the inclusion of 5 days banking in the joint note. This is because the officers in the banking sector are greatly affected by late working hours and having to work on holidays. After several rounds of discussions within the United Forum of Bank Unions (UFBU) and with the IBA, AIBOC has been successful in securing a similar notation/confirmation for 5 days banking in the joint note, similar to what was noted in the 2015 settlement where the 2nd and 4th Saturdays were declared holidays.
Positive Outlook and Progress
It is important to note that in the 2015 settlement, after such status was noted in the joint note, it was subsequently confirmed by the Reserve Bank of India (RBI) and a notification was issued by the government. Therefore, there is reason to believe that after obtaining a similar notation this time, the government will declare 5 days banking as well.
Other Improvements in the Settlement
In addition to the progress made regarding 5 days banking, various other aspects of the settlement are also being improved upon. The discussions held with all affiliated unions have resulted in an agreement to sign the joint note on 8th March 2024.
Acknowledgments and Appreciation
The AIBOC would like to express their gratitude to the rank and file of the All India Public Sector Nationalized Banks Officers’ Association (AIPNBOA) and AIBOC for their trust and support in the leadership’s firm stand on this matter. Without their unwavering support, this positive outcome would not have been possible.
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