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Bank Working Hours Latest News Today: Here comes a piece of good news for the bank employees. They will soon get 2 days of weekly offs as the Indian Banks Association (IBA) is said to be considering bank unions’ demand for a five-day work week, according to a report by News 18.
However, the report claimed that the working hours might be increased by 50 minutes each day in 5-day work week.
In this matter, talks are going on between the IBA and United Forum of Bank Employees (UFBEs), and the association has agreed in principle for a 5-day work week.
S Nagarajan, general secretary of All India Bank Officers’ Association, was quoted by Times of India as saying that the government will have to notify all Saturdays as holidays under Section 25 of the Negotiable Instruments Act. The bank employees at present work on alternate Saturdays.
The TOI report suggested that the employees will need to work 40 minutes extra every day from 9.45 AM to 5.30 PM.
The bank employees and the bank customers need to know that the banks will remain shut for up to 12 days in March 2023, including second and fourth Saturdays, and Sundays. While some bank holidays will be observed across the country, some others will be local holidays.
All banks remain shut on public holidays, while some banks observe regional festivals and holidays. The festivals that are observed in the month of March 2023 include Holi, Chaitra Navratri, Ram Navami, and more.
The Reserve Bank of India has categorised the bank holidays under three brackets – Holiday under Negotiable Instruments Act; Holiday under Negotiable Instruments Act and Real Time Gross Settlement Holiday; and Banks’ Closing of Accounts. However, the bank holidays vary in various states and these holidays depend on the festivals being observed in specific states or notification of specific occasions in those states.
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