Relief For Bankers? Employees Likely To Get 5 Working Days In Budget Session

 Government considers implementing a five-day work week for bank employees, pending budget approval. An agreement between IBA and unions awaits confirmation, aiming to offer two days off weekly. If passed, banks could transition by year-end, currently closing Sundays and some Saturdays. Regulatory discussions with RBI are ongoing, aiming for enhanced operational efficiency.


Bank employees, long advocating for a shorter workweek, may see their hopes realized in the upcoming budget as the government mulls over their demand. A recent agreement between the Indian Banks' Association (IBA) and employee unions has sparked optimism, outlining provisions for two days off per week. However, this agreement awaits government approval, anticipated to coincide with the budget announcement. Should the proposal pass, employees could transition to a five-day workweek by year-end.

Advertisement

Currently, banks observe closures on all Sundays and the second and fourth Saturdays. The Bank Employees Forum reassures stakeholders that customer service will remain unaffected by the proposed changes.

Also Read: Hundreds Run Over Each Other For Job In Gujarat: Video

Advertisement

In a landmark move, a Memorandum of Understanding (MoU) signed in December 2023, involving the IBA, government bodies, private banks, and unions, set the stage for this shift. Subsequently, on March 8, 2024, the 9th Joint Note formalized terms, including Saturdays and Sundays as designated holidays under the proposed new schedule.

Looking forward, discussions with the Reserve Bank of India (RBI) will shape regulatory adjustments necessary for implementing the revised banking hours. Anticipated government notifications by year-end or early 2025 could solidify Saturdays' recognition as official holidays, under Section 25 of the Negotiable Instruments Act.

Advertisement

Also Read: Delhi Heatwave: Temperature Tops 38°C, Yellow Rain Alert Active

According to insider reports, if approved, daily banking hours may extend by 40 minutes, reshaping operations from 9:45 AM to 5:30 PM. Bank unions have advocated for all weekends off since 2015, initially laid out in a bilateral agreement between RBI, the government, and IBA.

Comments

Post a Comment

Popular posts from this blog

Senior Citizen Train Ticket Discount: Government has issued a new statement regarding giving discount to senior citizens on train tickets, know the details here

Image
  Senior Citizen Train Ticket Discount: Once again a demand has been made in the Lok Sabha to give discount to senior citizens on train tickets. Senior Citizen Train Ticket Discount:  Railways has withdrawn the discount given to senior citizens on train tickets since the Corona period. However, from time to time there has been a demand to restore this concession given to senior citizens in trains. Even in the winter session of the Lok Sabha, some members raised the demand for increasing fare concessions and facilities for senior citizens traveling in trains. However, even before this, Railway Minister Ashwini Vaishnav has told in the Lok Sabha that during the train journey, every passenger is given an average subsidy of 53 percent on the train ticket. Apart from this, he also told who gets discount on tickets while traveling by train. Demand for discount in train tickets raised again During Zero Hour in the House, Janata Dal (United) MP Kaushalendra Kumar said that before the ...
Read more

Cash Transaction Rules: Income tax rules on cash transaction between Husband-Wife and Son-Father, know rules

Image
  Cash Transaction Rules: Income tax keeps an eye on our every transaction. But is there any tax on cash transactions or can Income Tax send a notice? Or how much cash transaction can take place between you and your wife or between father and son? If you also have these questions in your mind, then let us know their answers… If you also transact money between father and son or between husband and wife, then this news is useful for you. Actually, every transaction of ours has an eye on income. In such a situation, a question arises in the minds of many people whether income tax notice can be received even on cash transactions? Let us know how much cash transaction you can do in your family. Income tax sends notice? According to tax experts, if you give money every month for household expenses or give money as a gift, then the wife is not liable for income tax. Both these types of amounts will be considered as the income of the husband. The wife will not receive any notice from the I...
Read more

Have a Current/Savings Bank Account? Know the Cash Deposit Limits under Income Tax Act to avoid Penalties and Notices

Image
  Adhering to cash deposit and withdrawal limits is crucial to remain compliant with the Income Tax Act in India. This article aims to elucidate the various facets of cash-related regulations, encompassing savings and current accounts, fixed deposits, credit card bill payments, real estate transactions, and more.  Cash Deposit Limits in Savings and Current Accounts The Indian Income Tax Act imposes specific regulations on significant cash deposits in savings accounts. Individuals accumulating INR 10 lakh or more during a fiscal year must notify tax authorities.  For current accounts, this threshold is set higher at INR 50 lakh. Although not immediately taxed, financial institutions report transactions exceeding these limits.  Cash Withdrawal and TDS under Section 194N  Section 194N outlines TDS rules for cash withdrawals. A 2% TDS is levied on withdrawals exceeding INR 1 crore within a fiscal year. Non-filers face a 2% TDS on withdrawals over INR 20 lakh and a 5...
Read more