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As of now, there is no indication from the government regarding the implementation of the five-day workweek, says Rupam Roy, general secretary of the All India Bank Officers’ Confederation.
Currently, bank branches are closed on second and fourth Saturdays.
Bank employees are unlikely to get a 5-day workweek in December and the officers’ body is likely to go on agitation soon in this regard, according to the All India Bank Officers’ Confederation (AIBOC). He said there is no sign from the government to implement the 5-day workweek for bank employees as of now.
“We are in the process of finalising plans to initiate an agitation soon. We have also extended invitations to our affiliate unions/ associations of UFBU to join the movement. As of now, there is no indication from the government regarding the implementation of the five-day workweek,” Rupam Roy, general secretary of the All India Bank Officers’ Confederation, told news18.com.
The United Forum of Bank Unions (UFBU) is an umbrella body of nine bank unions — AIBEA, AIBOC, NCBE, AIBOA, BEFI, INBEF, INBOC, NOBW and NOBO.
When asked about remarks from industrialists such as Infosys Chairman N R Narayana Murthy and Ola CEO Bhavish Aggarwal advocating for increased work hours, Roy responded, “These are personal opinions. At a time when global trends are moving towards reduced working hours and shorter workweeks, there is no evidence-based study to support such claims. I do not believe the government will be influenced by these individual perspectives.”
Bank employees have been raising demand for a 5-day work week, and the long-standing proposal is pending final approval from the finance ministry. An agreement has already been finalised in this regard between the Indian Banks’ Association (IBA) and employee unions.
Bank employee unions have assured that the 5-day workweek would not lead to a reduction in customer service hours. To ensure this, the timing will also be revised to extend working hours by nearly 40 minutes.
Recently, the All India Bank Officers’ Confederation (AIBOC) in a post on X urged the finance ministry and the Prime Minister’s Office to prioritise approving the 5-day work week proposal “for the well-being of bank employees and to further enhance the banking sector’s efficiency”.
In December 2023, a memorandum of understanding was signed between the Indian Banks’ Association (IBA), which includes both government-run and private lenders, and bank unions. This agreement included a proposal for a 5-day workweek, subject to government approval.
Subsequently, on March 8, 2024, the 9th Joint Note was signed by the IBA and bank unions. The Joint Note, signed by IBA and the All India Bank Officers’ Confederation, outlined the transition to a 5-day week with Saturdays and Sundays off.
While the IBA and bank unions have agreed, the final decision now lies with the government. The proposal will also be discussed with the Reserve Bank of India (RBI) as it regulates banking hours and interbank activities. There’s no official deadline announced by the government on that.
Once approved, Saturdays will be officially recognised as holidays under Section 25 of the Negotiable Instruments Act.
Currently, bank branches are closed on second and fourth Saturdays. Banks unions have been demanding since 2015 offs on all Saturdays and Sundays. Under the 10th Bipartite Settlement signed in 2015, RBI and the government agreed with the IBA and declared second and fourth Saturdays as holidays.
