The IBA has formed a high-level committee to discuss the implementation of 5-day banking. The UFBU had deferred the strike scheduled from 28 to 30 September 2026 after the IBA assured that a high-level committee would be formed to discuss 5-day banking.
A meeting between the IBA and UFBU / BKSM was held on 27th September 2026. It was decided to constitute a high-level committee to hold discussions on the implementation of 5-day banking.
However, bankers are questioning the formation of this committee. In the 12th Bipartite Settlement signed in March 2024, the IBA said:
In terms of understanding dated 7th December, 2023, reached between IBA and Officers’ Associations for declaration of all Saturdays as holidays under Negotiable Instrument Act for Banking industry, IBA has accordingly recommended to the Government. The due changes in the working hours, will be effective after approval by the Government of India and necessary clearances from Government / Reserve Bank of India.
This means that the proposal for 5-day banking had already been approved at the IBA level and only the approval of the Government was pending. In July 2025, the Government stated in the Lok Sabha that the IBA had submitted a proposal to the Government to declare all Saturdays as holidays for the banking sector.
This shows that the proposal had already been discussed and, after the discussions, the 12th Bipartite Settlement was signed. The IBA had also sent the proposal to the Government for approval of 5-day banking.
Then why is a high-level committee being formed again after 2.5 years? Bankers are questioning the need for a new committee when the proposal for 5-day banking has already been sent to the Government for approval.
The UFBU said that the Government wants to discuss the proposal for 5-day banking with stakeholders so that they do not face any inconvenience in banking operations. If this is the case, then why was the 12th Bipartite Settlement signed in March 2024? Were discussions not held with the stakeholders at that time?
If discussions were already held with the stakeholders in March 2024, then why are discussions being held again?
If discussions were not held with the stakeholders in March 2024, then why were they not held at that time? Why is it important to hold these discussions now?
Bankers are questioning why this process is happening after 2.5 years and after such a long delay. Bankers are also asking what will happen if the stakeholders do not give their approval for 5-day banking. Will 5-day banking not be implemented in that case? These questions need to be answered.
Bankers have also raised another issue regarding the formation of this high-level committee. The committee comprises MDs & CEOs of public sector banks and leaders of the UFBU.
Members of IBA are as follows:
| Sl. No. | Name, Designation and Bank | Nominated as |
|---|---|---|
| 1 | Shri. Rajneesh Karnatak, MD & CEO, Bank of India | Chairman |
| 2 | Shri. Ashok Chandra, MD & CEO, Punjab National Bank | Alternate Chairman |
| 3 | Shri. Binod Kumar, MD & CEO, Indian Bank | Member |
| 4 | Shri. Rakesh Sharma, MD & CEO, IDBI Bank Ltd. | Member |
| 5 | Shri. G S Rana, DMD (HR & CDO), State Bank of India | Member |
Members of UFBU are as follows:
| Sl. No. | Name | Name of Union / Association & Post held |
|---|---|---|
| 1 | Shri. C H Venkatachalam | AIBEA, General Secretary |
| 2 | Shri. Rupam Roy | AIBOC, General Secretary |
| 3 | Shri. L Chandrasekhar | NCBE, General Secretary |
| 4 | Shri. Sanjay Khan | AIBOA, General Secretary |
| 5 | Shri. Debasish B Choudhury | BEFI, General Secretary |
| 6 | Shri. Prem Makkar | INBOC, General Secretary |
| 7 | Shri. O.P Sharma | INBEF, General Secretary |
Shri. Vinod Nikam, General Secretary, BKSM, will be the invitee.
Bankers are asking why Government and DFS officials have not been included in the committee. If the proposal is already pending with the Government, bankers argue that Government representatives should have been made members of the committee. Bankers are also questioning whether, after the committee completes its discussions and submits its findings, the proposal will again be sent to the Government. They are also asking what will happen if the Government does not approve 5-day banking after the committee’s discussions.
These questions need to be answered as they affect around 10 lakh bankers across India.
