Now the government’s approval is awaited on this agreement. It is believed that the government can announce 5 days working in the budget. If the government gives a green signal to this, then by the end of the year, employees can work for 5 days. If this happens, banks will open only five days a week. Till now banks are closed on all Sundays, second and fourth Saturdays.

Approval can be obtained from the government in the budget

On the rule of 5 days working, the Bank Employees Forum has expressed confidence that this will not affect the customer service. After this, a Memorandum of Understanding has been signed between the Indian Banks Association (IBA) in December 2023. It includes both government, private banks and bank unions. This agreement included a proposal for 5 days working, which was subject to the approval of the government. After this, on 8 March 2024, the 9th joint note of IBA and bank unions was signed. The joint note signed by IBA and All India Bank Officers Confederation outlines 5 days working with Saturday and Sunday off. Now the government will give its decision on this, it is believed that it can be discussed in the budget.

There will be a change in the rules

Discussions will also be held with the Reserve Bank of India (RBI) as it regulates banking hours and internal functioning of banks. Some bank employees said the government may issue a notification by the end of the year or early 2025. Once approved, Saturdays will be recognised as official holidays under Section 25 of the Negotiable Instruments Act.

This will be the new time for opening of bank branches

According to a report, if the government approves a five-day week, the daily working hours can be increased by 40 minutes. This will make the banks work from 9:45 am to 5:30 pm. The working hours of banks will be revised. Currently, bank branches remain closed on the second and fourth Saturdays. Bank unions have been demanding holidays on all Saturdays and Sundays since 2015. Under the 10th bilateral agreement signed in 2015, RBI and the government had agreed with the IBA and declared the second and fourth Saturdays as holidays.

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Indian Banks Association (IBA) and unions have agreed to 17 percent salary revision for 5 years. This salary increase was pending from November 1, 2022 and MoU has also been signed for this.

What are the main points of the decision?

Among the benefits that will be given under the signing of the salary agreement, 17 percent salary increase will be applicable from 1.11.2022. In this, there will be benefit of 3 percent loading on Basic + DA. Along with pension revision, the rule of 5 days working will be applicable. Now this matter is in the court of the Finance Ministry.

(AIBOC) tweeted

All India Bank Officers Confederation has informed in the post on X that Comrade Balachandra has been signed with the PM (President) on behalf of AIBOC and any remaining issues will also be discussed before finalizing the joint note. It also said that although the amount distributed does not meet their initial expectations, there is a good news for the pensioners as now after waiting for a long time, they will get the ‘ex-gratia’ amount i.e. pension revision.

AIBOC expressed happiness

After the agreement with IBA regarding 17 percent increase in salary, pension revision has also been agreed upon. The matter regarding the demand for leave on every Saturday is still stuck and the note has not been signed. However, AIBOC has said that it has obtained a commitment to implement 5 days working (five day banking) before giving the final touch to the joint note settlement and this is on record.

AIBOC has agreed to this agreement especially considering IBA’s assurance on 5 days working and relief for pensioners. Despite the salary percentage and weightage being less than expected, it is a matter of happiness for 8.50 lakh bank employees of the country.

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However, it is also being said in the report that by working 5 days a week, the working hours can be increased by 40 minutes daily. At present, the bank employee gets a day off on Saturday after leaving one week. If this rule is accepted then bank employees will get 8 days leave in a month instead of 6 days weekly leave.

Every Saturday and Sunday will be off

Negotiations are going on between IBA and United Forum of Bank Employees (UFBI) for 5 working days in a week and 2 days off. According to reports, the association has agreed in principle to work for 5 days a week.

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S Nagarajan, general secretary of the All India Bank Officers’ Association (IIBOA), has told The Times of India that the government will have to notify all Saturdays as holidays under Section 25 of the Negotiable Instruments Act. At present, bank employees get a holiday on the second and fourth Saturdays of the month.

working hours will increase

He said that the government as the owner of public sector banks also has a say. RBI also needs to accept the proposal. According to the report, the employees will need to work 40 minutes more daily from 9.45 am to 5.30 pm.

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It is being said that he is going to send this proposal to the Central Government soon. As soon as the approval is received from the center, the system of working 5 days a week and 2 days off can be implemented.

In many corporate offices located in the metro cities of the country, according to the convenience of the employees, the arrangement of 5 working days and 2 days off in a week is applicable. Under this arrangement, instead of 8 hours, arrangements have been made for the employees to work for about 9 hours every day. Bank employees have been demanding a similar system to be implemented in the banking sector for a long time.

Bank union’s proposal

According to the circular issued by the All India Bank Employees Association near the Indian Banks’ Association, the Indian Banks’ Association (IBA) is considering the demand of five days working in banks of bank unions. But, instead of this, the total working hours will have to be increased by 40 minutes per day. In this regard, on 28 February 2023, an agreement was reached between the unions and the IBA.

Proposal to do non-banking work in additional 40 minutes

Indian Banks Association (IBA) Bank Unions meeting proposed that total working hours of bank employees can be increased by 40 minutes per day with cash transactions from 10 am to 4 pm Are. The work of non-cash transactions will be done in the time which will increase by 40 minutes. IBA will soon send this proposal to the Ministry of Finance and later to the Reserve Bank of India (RBI) for approval.

Challenges are not less

It is estimated that this proposal can be approved by the Ministry of Finance and RBI, because this system is already in force in the corporate and private sector. However, implementing this system in the government banking system also has its own challenges, which will definitely be considered by the central bank and the ministry.

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Earlier it was reported that the Indian Banks’ Association (IBA) and the United Forum of Bank Employees (UFBEs) have agreed in principle for a 5-day working week. However, for this, banks will have to increase their working hours by 40 minutes daily.

At present, public sector banks have a holiday on every second and fourth Saturday except Sunday. While banks remain open on the first and third Saturday of every month. If there are 5 Saturdays in a month, banks remain open on that day as well.

According to the report, IBA had sent a proposal for 5 days work and 2 days holiday in public sector banks. That is, banks will remain open every Monday to Friday, while every Saturday and Sunday will be a holiday. According to the report, soon the notification with the wage board revision can be issued.

Meanwhile, banks across India will be closed for 11 days in the month of May. There are many holidays in May due to various festivals including Buddha Purnima and Maharana Pratap Jayanti. If you are planning to visit the bank for some work in May, they must check the bank’s holiday calendar to avoid any inconvenience.

Although the bank branches will remain closed during these 11 days, mobile and internet banking services will be available to the customers and they will be able to do online transactions. In addition, customers can also avail services at ATM machines and banking kiosks. Earlier in April, there were about 15 bank holidays due to festivals like Good Friday, Ambedkar Jayanti and Eid-ul-Fitr.

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It is being claimed in the media reports that the Indian Banks’ Association (IBA) is going to consider the demands of bank unions for holidays and working days in a week. If this rule is accepted then the bank employees will get great relief.

Work burden on bank employees

In fact, the issue of work burden on bank employees is repeatedly raised by bank unions. In view of this, they are demanding work for 5 days a week. According to media reports, IBA is considering the model of bank employees working 5 days a week and two days off.

Right now there are six weeks off in a month. It is being said that if this is implemented, the employees will get Saturday and Sunday off, while their working hours will increase by 5 days. They will have to work 40 minutes more everyday. According to media reports, after the new model is implemented, bank employees may have to work from 9.45 am to 5.30 am.

Let us tell you that now the employees get 6 days of week off in a month, while after the new model is implemented, they will get 8 days of week off. At present, apart from four Sundays in the bank, there is a holiday on the second and fourth Saturdays. This also creates a bit of confusion among the customers.

Two week offs are also being given by LIC

Tell that the government insurance company LIC is also giving two days week off to its employees. Before listing last year, LIC had implemented a model of working 5 days a week. After this the bank unions intensified their demands in this regard.

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In fact, the United Forum of Bank Unions (UFBU) has postponed the two-day nationwide bank strike to be held on January 30-31 following the consensus reached in the conciliation meeting held in Mumbai.

Why was the countrywide bank strike postponed

All India General Secretary of Bank Employees’ Association (AIBEA) CH Venkatachalam has informed that the bank unions will first discuss their demands on January 31. According to Venkatachalam, the Indian Banks’ Association (IBA) has agreed to hold a meeting with the unions on January 31.

In the conciliation meeting held on Friday, it was decided that three common issues of five-day banking, updation of pension and restoration of old pension scheme would be discussed on January 31. Other issues will be discussed separately with the concerned authorities and labor unions.

Who had decided to go on strike

Significantly, the UFBU, a group of several bank unions, had earlier decided to go on strike for their various demands. According to him, these demands are being put before the ministry for a long time and no decision has been taken on them.

Bank unions have many demands – know about some

Bank unions have several demands including 5-day banking working culture, upgradation of pension, residual issues, scrapping of National Pension System (NPS), immediate commencement of negotiations on charter of demands for wage revision and adequate recruitment in all cadres. The decision to call the strike was taken by the UFBU.

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The Indian Banks Association (IBA), in its recommendation sent to NHAI and the Ministry of Road Transport, has said that keeping in view the interests of banks, the old rate of PMF should be restored. Banks used to get 1.5 percent PMF of the total amount for every payment on toll. But, NHAI has reduced this amount to 1 percent with effect from April, 2022. The association said that the old rate of PMF should be implemented for at least two more years and it should be changed only after March 31, 2024.

95% toll collection with FASTag When a vehicle passes through a toll plaza, banks automatically pay the toll tax through its FASTag. Banks also charge a fee for this service. At present, FASTag accounts for 95 percent of the total payments made at toll plazas. Experts say that if the margins of banks are increased again, then there is a great possibility that the fee for using FASTag may also increase further.

Banks said big loss

Banks have said in the recommendation sent through IBA that they are incurring a big loss due to reduction in interchange fees. The interchange fee was reduced from 1.5 per cent to 1 per cent with effect from April 1, and since then the business earnings of NETC FASTag have declined by 31 per cent. Giridhar Armane, Secretary, Ministry of Road Transport has said that NPCI and banks are demanding a hike in PMF fees and we are trying to find a solution with them. Some decision on this is expected soon.

FASTag increased toll collection
According to the data released by the Ministry of Roads, there has been a big jump in toll collection after FASTag became mandatory. In 2018, where the use of FASTag was only 16 percent, now it has increased to 96 percent. In 2018, the total toll collection was 22 thousand crores, of which 3,500 crores were of FASTag. In 2022, the total toll collected was Rs 34,500 crore, in which the share of FASTag was more than Rs 33 thousand crore. The government is expected to reach 40 thousand crores of rupees soon.

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