Banks in India are prone to be open solely 5 days every week, with proposed two day weekly offs, a choice will probably be made on this on 28 July. The Indian Banking Affiliation (IBA) will seemingly take the choice in a gathering with United Discussion board of Financial institution Unions (UFBU) subsequent week on Friday, in accordance with a report.
The United Discussion board of Financial institution Unions on 19 July mentioned that they took up the problem of introduction of 5 banking days in earlier dialogue. “IBA knowledgeable that the problem is below energetic consideration of the assorted stakeholders and the identical is being pursued. We requested the IBA to expedite the identical in order that 5 banking days per week is launched with out additional delay,” it mentioned.
In accordance with a report by CNBC, each organisations are set to debate five-day work week, wage hike and requirement of group medical insurance coverage insurance policies for retirees throughout the 28 July meet.
Now banks are open on two Saturdays a month- the primary and third Saturday banks are open in India. The UBFU has sought that working days for banks stay 5 days every week solely, additionally that staff get 2 days weekly off.
The necessity for a 5 day work week got here into limelight after authorities applied the rule of 5 working days within the Life Insurance coverage Company of India (LIC).
The Finance ministry of India had earlier knowledgeable that they haven’t any objection to the UBFU’s demand to a 5 day work week for financial institution staff. The Indian Banking Affiliation had despatched a proposal to the federal government relating to this. In accordance with the proposal, day by day working time for financial institution staff will probably be elevated by 40 minutes, the CNBC report acknowledged.
Concerning the medical insurance coverage of retired financial institution staff, the UBFU had mentioned that they’ve agreed to supply a base coverage for ₹2 lakh for retirees with sure ceilings and caps on mattress costs/bundle remedies and so forth. This was achieved to make sure that the premium quantity is lowered.
“Over and above this, prime up scheme as much as ₹10 lakh will probably be made out there on non-obligatory foundation,” CNBC quoted the UBFU.
It’s to be famous that banks are slated to stay closed for a number of days within the month of August this yr. Nonetheless, the net banking companies and ATMs will stay open to public regardless of holidays.
The day offs in August embody the Saturdays and Sundays in August 2023. Other than the times talked about within the desk beneath, banks will stay closed on typical second and fourth Saturday.
Date | Day | Vacation | State / India |
8 August | Tuesday | Tedong Lho Run Faat | Sikkim |
15 August | Tuesday | Independence Day | India |
16 August | Wednesday | Parsi New 12 months | A number of states throughout India |
28 August | Monday | First Onam | Kerala |
29 August | Tuesday | Thiruvonam | Kerala |
30 August | Wednesday | Raksha Bandhan | A number of states throughout India |
30 August | Wednesday | Jhulan Purnima | Odisha |
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Up to date: 22 Jul 2023, 04:15 PM IST
Supply: Live Mint