1 day ago
Banking Panel Explores Alternatives to Proposed Five-Day Week
Bank employees want all Saturdays to become holidays.
They also want to keep working five days each week.
Bank managers had suggested adding 40 minutes to each working day.
The government has not accepted that plan.
A new committee will look for other ways to organize the work.
One idea is for different employees to take turns working on Saturdays.
The employees’ union postponed a three-day strike after talks made progress.
The government must still decide how the new schedule will work.
Businesses and some bank managers worry that the change could affect services and lending.
A committee of the United Forum of Bank Unions and Indian Banks’ Association will examine alternatives to extending daily hours by 40 minutes.
The United Forum of Bank Unions deferred its planned three-day strike after reaching an understanding with management on five-day banking, performance-linked incentives and other issues.
The government has not accepted the proposed 40-minute daily extension and will have the final say on implementation.
One possible model would involve rotating staff to work Saturdays while maintaining a five-day working week for employees.
Banks currently operate on the first and third Saturdays, while concerns remain about effects on productivity, business activity and credit flows.
- Who
- The United Forum of Bank Unions, the Indian Banks’ Association, the government and bank employees are involved.
- What
- A joint committee will explore alternatives to the proposed 40-minute daily extension needed to introduce five-day banking.
- Where
- The proposal concerns banks in India, including public-sector and private-sector banks.
- When
- The strike was deferred late Sunday; the Indian Banks’ Association approved its five-day banking proposal in November 2024, and it has been pending since then.
- Why
- The committee is seeking a workable way to make all Saturdays holidays while maintaining banking operations and a five-day working week.
Bank Unions
Bank Management and Industry
Five-day banking
Bank Unions
Unions support making all Saturdays holidays and are seeking alternative implementation models after the government rejected the proposed 40-minute daily extension.
Bank Management and Industry
Some bank managements and business groups are concerned that the change could affect productivity, business activity and credit flows.
Saturday staffing
Bank Unions
Unions may consider a rotational system in which some staff work Saturdays while employees still receive a five-day working week.
Bank Management and Industry
Management and industry stakeholders may face operational and service-related effects from changing the current Saturday schedule.
Key facts
- Current Saturday schedule
- Banks currently work on the first and third Saturdays of each month.
- Proposed change
- All Saturdays would become holidays for bank staff.
- Earlier implementation plan
- Daily working hours would have been increased by 40 minutes.
- Committee members
- Representatives of the United Forum of Bank Unions and the Indian Banks’ Association.
- Strike status
- A planned three-day strike was deferred late Sunday.
- Government role
- The government must make the final decision on the implementation method.
- Stakeholder concerns
- Some bank managers, trade and industry groups raised concerns about productivity, business activity and credit flows.
Quotes
CH Venkatachalam
UFBU chief spokesperson and General Secretary of the All India Bank Employees’ Association
“Earlier, the management had agreed to introduce five-day banking by increasing daily working hours by 40 minutes. But this is not being accepted by the government.”
financialexpress.com
“There are different models for five-day working, and the committee will discuss alternative models.”
financialexpress.com
Sources
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