Banks in India are likely to operate for five days a week with two weekly offs. The Indian Banking Association (IBA) will take the decision on July 28 in a meeting with the United Forum of Bank Unions (UFBU).
According to a report, the United Forum of Bank Unions on July 19 informed that they took up the issue of introducing five banking days in an earlier discussion.
The UFBU said, “IBA informed that the issue is under active consideration of the various stakeholders and the same is being pursued. We asked the IBA to expedite the same so that five banking days per week is introduced without further delay.”
According to a report by CNBC, both organizations are all set to discuss the five-day work week, salary hike, and requirement of group medical insurance policies for retirees during the meeting on July 28.
Currently, banks remain open on two Saturdays in a month, the first and third. The UBFU has proposed that employees get weekly off of two days and the banks remain open for five days a week.
The matter came to attention after the government implemented the rule of five working days in the Life Insurance Corporation of India (LIC).
The Finance Ministry of India also informed that it has no objection to the UBFU’s demand of five-day work in a week for bank employees. Later, the IBA sent a proposal to the government regarding this. According to the proposal, the daily working time for bank employees will increase by 40 minutes.
About the medical insurance of retired bank employees, the UBFU said that they have agreed to offer a base policy of Rs 2 lakh for retirees with certain caps and ceilings on bed charges/package treatments, etc. This was done to reduce the premium amount.
The UBFU was quoted by CNBC as saying, “Over and above this, top-up scheme up to Rs 10 lakh will be made available on an optional basis."