Indian Banks’ Association forms committee to discuss five-day work week

The Indian Banks’ Association (IBA) has established a high-level committee to discuss the implementation of a five-day banking week. The committee includes representatives from both bank management and the United Forum of Bank Unions (UFBU).

Raineesh Karnatak, MD and CEO of Bank of India, will chair the committee, with Ashok Chandra, MD and CEO of Punjab National Bank, serving as the alternate chairman. The panel is tasked with examining alternatives and consulting stakeholders to find a solution regarding declaring all Saturdays as holidays.

The move follows the recent deferral of a planned three-day nationwide strike by bank unions, which had been scheduled to coincide with the half-yearly closing of banks. The demand for a Monday-to-Friday schedule has been a subject of discussion for several years, with previous proposals involving adjustments to daily working hours to facilitate the transition.