Bank Employees: Government Banks will have 5 Days Banking in a week, know the applicability date

Last Updated on September 10, 2023 by Brajesh

5 Days Banking in a week : According to Media report, in a meeting held last month between Indian Bank Association (IBA) and United Forum of Bank Union (UFBU), IBA has approved  5 Days Banking in a week. Proposal has now been sent to the Finance Ministry for its final approval . Know what is their in news to offer.

5 Days Banking in a week is a long demand by Bank employees

5 Days Banking a week is a long demand by bank employees. This demand has been put forward in 2015. The proposal for 5 Days banking in a week was proposed in charter of demands presented during 10th Bipartite Settlement. Earlier Public Sector Banks were open for 6 Days in a week however later on in 2015 Banks were allowed weekly off on second and fourth Saturday with effect from 1st September 2015.

As per Reserve Bank Of India Press release on 28/08/2015 “Government of India issued a Notification on August 20, 2015 [published in the Gazette of India, Extra Ordinary, Part II, Section 3, Sub-Section (ii)] declaring every second and the fourth Saturday of every month as public holiday under Section 25 of the Negotiable Instruments Act, 1881 (26 of 1881). Accordingly, all banks whether or not included in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934) will observe holidays on second and fourth Saturdays with effect from September 1, 2015. As a regulator of banks, financial markets and payment and settlement systems, the Reserve Bank has made supporting changes in the working of some of its operational areas”.

Hence now Banks were closed on all Sundays and 2nd & 4th Saturday every month.

Banks may soon get all Saturday off

Indian Bank Association has already agreed to the demand of Bank union for 5 Days a week earlier in March 2023, however proposal from IBA to Ministry of Finance was not sent yet for approval. As per latest media reports, IBA has sent their proposal to Ministry of Finance for its approval. Once 5 Days Banking in a week will get MOF nod it will be implemented in the Government Bank.

During last few circular, IBA has said that 5 Days banking a week is under serious discussion and IBA will inform about the final status very soon.

Reserve Bank Of India role in 5 days banking

Ministry of Finance will discuss 5 Days banking with Reserve Bank Of India too as they were the actual regulator of banking system in India. After regular intervention of RBI Governor Shakti Kant Das

& Finance Minister Nirmala Sitharaman to encourage digitization in Public Sector Banks and Regional Rural Bank has helped in transformation of work from physical mode to digital mode. Customers are now not required to visit branches as every banks have strong net banking system which helps customer to complete their transaction from home or from any remote location itself.  Further use of UPI has also helped in transforming and adoption of digital mode in India.

This transformation from physical to digital mode will certainly benefit and work in favor of 5 Days Banking in a week.

BJP member on 5 Days banking a week.

During last week , we had seen BJP member and parliamentary panel member Sushil Kumar Modi stated that demand for 5 Days Banking is a genuine demand of Bank Employees.

“I think bankers’ demand is very genuine. In many state and central services, employees have a five-day week,” said Modi.

“You can increase the working hours by half an hour per day from Monday to Friday. The government should consider it as soon as possible,” he suggested.

5 Days banking in a week :Money Control interview

Bank Of Baroda UPI ATM launched, easy to withdraw cash from ATM

Next IBA meeting will be held on 12th & 13th September 2023

1 thought on “Bank Employees: Government Banks will have 5 Days Banking in a week, know the applicability date”

Leave a Comment