The Indian Banking Association (IBA) is likely to take decision next week regarding five-day work week, salary hike and requirement of group medical insurance policies for retirees. The first meeting between bank unions and banks' association for the same will be held on July 28 i.e. Friday. Once approved, bank employees may get 2 days weekly off.
In a notification dated July 19, United Forum of Bank Unions (UFBU) said they took up the issue of introduction of five banking days in earlier discussion.
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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," it said.
Currently, bank employees work on alternate Saturdays. Banks remain open on the first and third Saturdays of every month. The bank unions have been demanding five working days for a long time. This demand caught hold since the government implemented the rule of five working days in the Life Insurance Corporation of India (LIC).
The Finance Ministry earlier said they have no objection to this demand of the employees. The
Indian Banking Association had sent a proposal to the government regarding this. According to the proposal, daily working time for bank employees will be increased by 40 minutes.
Notification may soon be issued with wage board revision under section 25 of the Negotiable Instrument Act.
On medical insurance policy, UFBU said they have agreed for a separate uniform base policy for Rs 2 lakh for retirees with certain ceilings and caps on bed charges/package treatments etc. so that the premium on the same will be reduced.
"Over and above this, top up scheme up to Rs 10 lakh will be made available on optional basis," UFBU said.
Meanwhile, banks will remain closed for a total of 14 days in August 2023, including Saturday and Sunday. Some of these holidays will be applicable to banks across the country, while some will be applicable to specific states and regions.
When bank branches are closed, mobile and Internet banking services are available for customers to conduct transactions online. Customers can also avail of the services at ATM machines and banking kiosks.
