The Indian Banks' Association (IBA) has constituted a high-level committee to discuss the implementation of a five-day banking week. The move follows a September 27 meeting between the IBA negotiating committee and the United Forum of Bank Unions (UFBU), with representatives from both bank management and employee unions forming part of the panel.
According to an official statement issued by IBA, Bank of India MD and CEO Rajneesh Karnatak has been appointed chairman of the committee, while Punjab National Bank MD and CEO Ashok Chandra will serve as alternate chairman.
Other IBA representatives on the panel include Indian Bank MD and CEO Binod Kumar, Bank of India MD and CEO Rakesh Sharma and SBI Chief General Manager (HR & CDO) G S Rana.
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The UFBU will be represented by AIBEA General Secretary C H Venkatachalam, AIBOC General Secretary Rupam Roy, NCBE General Secretary L Chandrasekhar, AIBOA General Secretary Sanjay Khan, BEFI General Secretary Debasish Bhowdhury, INBOC General Secretary Prem Makkar and INBEF General Secretary O P Sharma. BKSM General Secretary Vinod Nikam will be an invitee.
The committee comes as bank unions continue to push for the implementation of a five-day work week, which would make all Saturdays holidays for banks.
The statement said that the proposal has been under discussion for several years. During bipartite talks on January 31, 2023, the IBA had proposed increasing daily working hours by 45 minutes to enable a five-day banking week. The unions had earlier proposed a 30-minute increase.
In June 2023, the UFBU again urged the IBA to expedite the proposal, pointing to a tentative understanding reached during a February 28, 2023 meeting on revising business hours to facilitate a five-day work week.
The issue was subsequently included in negotiations for the 12th Bipartite Settlement and 9th Joint Note.
On December 7, 2023, the IBA and UFBU signed a memorandum of understanding under which the IBA agreed to recommend a five-day banking week to the government and pursue the matter for early approval.
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The proposal was later incorporated into the final 12th Bipartite Settlement/9th Joint Note signed on March 8, 2024.
The settlement stated that the IBA had recommended declaring all Saturdays as holidays under the Negotiable Instruments Act. It also said revised working hours would come into effect after government approval and the required clearances.
The newly constituted committee will now take forward discussions on the implementation of the proposal, with both bank management and employee unions represented.
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