Preparations Underway for 5-Day Work Week for Bank Employees; Special Committee Formed

The proposed three-day bank strike was deferred following a late-night meeting on Sunday. Consequently, preparations to implement a five-day work week in banks have gained momentum. The Indian Banks' Association (IBA) has announced the formation of a high-level committee to address this.

The bank strike was called off after a late-night meeting between the IBA and the United Forum of Bank Unions (UFBU) on Sunday. Bank employees had planned a three-day strike over several issues, including the demand for a five-day work week. A significant step has now been taken towards implementing a five-day work schedule with Saturdays and Sundays off.

The Indian Banks' Association (IBA) has constituted a high-level committee to discuss the modalities of implementing this proposal. The committee will comprise representatives from both bank management and bank employee unions.

Decision Taken After Negotiations

This decision followed a late-night meeting on September 27 between the IBA and the United Forum of Bank Unions (UFBU). Rajneesh Karnatak, MD and CEO of Bank of India, will chair the committee, while Atul Kumar Goel, MD and CEO of Punjab National Bank, has been appointed as the alternate chairman.

Representing the IBA on the committee are Binod Kumar (MD & CEO, Indian Bank), Rakesh Sharma (MD & CEO, Bank of India), and GS Rana (Chief General Manager - HR & CDO, SBI). From the bank employee unions, the General Secretaries of AIBEA, AIBOC, NCBE, AIBOA, BEFI, INBOC, and INBEF will be part of the committee. Vinod Nikam, General Secretary of BKSM, has been appointed as a special invitee.

Current Work Schedule

The demand for a five-day work week in banks has been ongoing for several years. If this proposal is implemented, banks will remain closed on all Saturdays. Currently, banks remain closed on the second and fourth Saturdays of the month, while operations on other Saturdays proceed as usual.

Working hours to be extended

A proposal was also put forward to extend daily banking hours to facilitate this arrangement. On January 31, 2023, the IBA proposed increasing daily working hours by 45 minutes, whereas employee unions had previously suggested a 30-minute extension. In an agreement reached between the IBA and the UFBU in December 2023, the IBA agreed to recommend to the government that all Saturdays be declared holidays and to pursue the matter for early approval.