5 days Banking Latest News 2020 – No change in the same is currently under consideration

Bank

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
LOK SABHA
UNSTARRED QUESTION NO: 1358
ANSWERED ON: 19.09.2020
Banking Industry
S. Venkatesan
Will the Minister of

FINANCE be pleased to state:-

(a) whether five days week in the banking industry will be implemented as existing in analogous institutions and if so, the details thereof;

(b) whether the IBA Chairman was told during the negotiation that enhancement of family pension has been sent to Ministry of Finance for the approval; and

(c) if so, the details and the present status thereof?

ANSWER
MINISTER OF STATE IN THE MINISTRY OF FINANCE

(a): In exercise of the powers conferred by section 25 of the Negotiable Instruments Act, 1881, Government vide notification dated 20.8.2015 had declared the second and the fourth Saturdays of every month as public holiday for banks in India. No change in the same is currently under active consideration of the Government.

(b) and (c): Revision of family pension is one of the demands made by bank employee unions/associations during the course of their discussions with the Indian Banks Association (IBA), negotiating on behalf of its participating member banks, for the 11th bipartite wage settlement. IBA, has informed that during the discussions with representative employee unions/associations consensus was arrived at on recommending revision of family pension.

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