Did IBA really sent 5 Days Banking proposal to Finance Ministry for approval ?

Last Updated on August 13, 2023 by Brajesh

Did IBA really sent 5 Days Banking proposal to Finance Ministry for approval ? a question coming to every bankers mind that too on 2nd Saturday of the month when bankers were enjoying their weekly off.

A news has surfaced on Friday, stating that Indian Bank Association has finally given their nod on 5 Days Banking and had sent it for final approval from Finance Ministry. Now this type of news is not new and every now and then some print media publishes same news or similar to this related to 5 Days Banking. What is the logic and why such news is frequently published in the media and more so whether this news is correct we will understand in this article one by one.

5 Days Banking
5 Days Banking

What is the news regarding 5 Days Banking ?

On Friday, many print media has published that IBA has given their approval on 5 days banking and it has been sent for approval to ministry of finance, once the same gets the approval from ministry bankers will be able to enjoy weekly off on each Saturday. Currently Banks are off on 2nd and 4th Saturday only. Bank Union and employees are regularly raising this demand for 5 Days banking a week which has been denied till date.

Why 5 Days Banking news is published regularly ?

News on 5 days banking is not a recent trend which media is following now, they are publishing this type of news since last year or so. Now the main reason behind this type of article is views and rankings. Every media whether it is social media like You Tube or twitter and even in case of print media like e newspaper, their view depends on topics which people generally tends to search on recurring basis and the news of 5 days banking is one of those topic which gets the attention from entire banking as well as finance community, even the customers of Banks like general common people also takes interest in this type of news as it will affect their case also. Hence views and rankings on social media platform is one of the main reason for publishing such type of news regularly by any print media.

Click here to know

Indian Bank Association (IBA) stance on 5 Days Banking a week?

IBA has already accepted the proposal of 5 Days banking which were regularly been placed by Union and going by the circulars of union on their last few meeting with IBA, 5 Days banking a week is in active discussion mode. Bank union has also communicated to Indian Bank Association about the dissatisfaction among bank employees due to delay in implementing 5 days banking a week by association.

Final Approving authority on 5 Days Banking a week

Ministry of Finance, which includes DFS (Department of Financial Services)  are entitled to approve 5 Days banking a week. However, they cannot approve the same without taking Reserve Bank Of India (RBI) into confidence. RBI will play an important role in approving 5 Days Banking a week

LIC got 5 Days a week working since 2021.

LIC and Public Sector Bank have raised their issue on 5 Days banking a week ,but in 2021 LIC got their 5 working days a week approval which created a lot of buzz as it was expected that both the institution will get the nod simultaneously. However, from  on 10th May 2021, LIC employees got their dues, leaving bank stranded

5 Days Banking in Charter of Demands

5 Days banking has got its place in Charter of demands of the banks along with other important issues which is monitored and reviewed regularly by Unions and IBA.

Did IBA really sent 5 Days Banking proposal to Finance Ministry for approval ?

Whenever this type of news is circulated, reference sources name has never been mentioned instead sources were confidential is found on the article. Similarly, now also no sources were mentioned , hence we cannot take this article as genuine until sources were mention or IBA and Bank Union sent us their approval once again on it.

IBA meeting on 5 Days Banking

Leave a Comment