Government Approval Pending: All Saturdays to be Recognized as Holidays
In a recent development, discussions between the Indian Banks Association and the All India Bank Officers’ Confederation have concluded with the signing of the 9th Joint Note on March 8, 2024. According to the All India Bank Officers’ Confederation, this agreement could pave the way for a significant change in the working schedule of bank employees.
According to the Joint Note, pending government notification, all Saturdays will be recognized as holidays, resulting in banks operating from Monday to Friday. The revised working hours are scheduled to take effect after government approval.
Furthermore, the agreement includes a significant 17 percent annual salary rise, resulting in an increased annual expenditure of almost Rs 8,284 crore for public sector banks. The salary boost is set to take effect in November 2022, benefiting around 8 lakh bank employees.
The implementation of these changes is subject to government approval; once approved, every Saturday will be officially declared a holiday under Section 25 of the Negotiable Instruments Act.
According to reports, the government’s authorization is required because it controls public sector banks, and the Reserve Bank of India (RBI) must also approve the plan due to its authority over most interbank activities.
While the exact new working hours are not known, some reports indicate that employees will be required to work an additional 40 minutes every day, from 9:45 a.m. to 5:30 p.m. The final decision on implementation is awaiting official approval from the relevant authorities.
