5 Day Banking in India, Update, Parliament News, Approval, Status
5 Day Banking in India: Bank in India may remain open for 5 days a week, with a decision to be made by Government of India.
Priyanka Dahima12 Dec, 2024
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5 Day Banking in India: The unions have rightly asked for 5 Day Banking in India, given working conditions, rising stress levels, and the growing number of workdays throughout much of the world, as well as increased automation and availability of banking services 24x7 via wireless phones, laptops or specialized tablets.
The All India Bank Officers' Confederation in a press release said that the negotiations between the Association of Indian Banks and the Confederation of All India Bank Officers were successfully concluded, culminating in the signing of the 9th Joint Memorandum on 08th March 2024. According to the press release, "Joint Note will recognize all Saturdays as holidays until the government announces. The changed working hours will take effect after the government's announcement. Recommended For Private Bank Jobs - BFSI CourseWhat is 5-Day Banking?
The term 5-day banking refers to the working hours of banks, where they are open five days a week, which is usually Monday to Friday. As the Indian Banking Association (IBA) represents various banking groups in India, from public and private sector banks to foreign banks operating in India, cooperative banks, regional rural banks, and all Indian financial institutions, the proposal reflects the continued demand for public sector banks to align the Indian banking sector with global guidelines on work-life balance. Also Check, Bank Holidays In October 20245 Day Banking in India Parliament News
Bhagwat Karad, Minister of State for Finance, reportedly stated in Parliament that the IBA proposal had been received. He did not, however, clarify the proposal's status or whether the Finance Ministry is contemplating accepting it. Banks are now closed on the second and fourth Saturdays of each month. If the plan for a 5-day work week for bank personnel is approved, their work hours will probably be increased, as would the operational hours of banks for customers. IBA has submitted a proposal to declare all Saturdays as banking holidays. Regarding the Saturdays being a public holiday, after the 10th Bipartite settlement/ 7th Joint note signed between IBA and Workmen Unions/Officer Associations, Government, in the exercise of powers conferred by section 25 of the Negotiable Instruments Act, 1881, vide notification dated 20.8.2015, had declared the second and the fourth Saturdays of every month as public holiday for banks in India.What are the Working Days of Bank in India?
Traditionally, Indian banks operate during a six-day work week. As part of the 10th Bilateral Reform in 2015 with RBI for all Indian banks, Indian banks were allowed to offer two more holidays on two Saturdays in a month. Currently, all public and private banks in India observe a mandatory holiday on the second and fourth Saturdays of every month and operate on the first, third, and fifth Saturdays of the monthIs 5-Day Banking In India Implemented?
In India, public sector banks usually close on Saturdays, which confuses clients making travel plans. Confusing news recently has been spreading regarding a possible change to a five-day workweek. Is the bank open today, then? Here, we dispel your misunderstanding so that your bank trips won't cause you any trouble. The shift in bank working hours to a five-day workweek has not been formally confirmed. Currently, banks follow the regular calendar and celebrate holidays on the second and fourth Saturdays in addition to Sundays.When will 5-Day Banking start in India?
Strikingly, the banks in India have given the representatives authority leave on the second and fourth Saturdays of each month beginning around 2015. After the government implemented the rule under the 10th Bipartite Settlement, signed with the RBI, requiring all Indian banks to provide two additional Saturday holidays per month, these changes took effect in 2015. This occasion denotes a compulsory one and applies to all open and confidential banks in the country. As of now, banks work on the first, third, and fifth Saturdays in a month and stay off on the other two. While the proposition has been presented, the pastor didn't illuminate whether it has been acknowledged or on the other hand assuming it will be thought about at any point shortly. According to TOI in October of this year, if the changes are implemented, it may increase the number of hours employees work during the week. This would imply that the representatives would have to labor for five days per week, however would need to expand their functioning hours by 40 minutes consistently.5 Day Banking in India FAQs
Q1. What is meant by banking days?
Ans. A banking day is any day on which banks are open to the public and are generally carrying on their normal banking functions. A banking day is generally any day except Saturday, Sundays and legal holidays.
Q2. Is 5th Saturday bank holiday in India?
Ans. The 2nd and 4th Saturdays of every month are non-operational while the 1st, 3rd, and 5th Saturdays remain operational.
Q3. How long is 5 Day Banking?
Ans. 5 business days typically refer to a period of one week, excluding weekends and any public holidays. Therefore, the duration of 5 business days is generally equal to 5 working days in a row, Monday through Friday.
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