IBA forms panel with bank unions to discuss five-day work week demand
New Delhi: The Indian Banks’ Association (IBA) has constituted a high-level committee with representatives of bank unions to discuss the implementation of a five-day banking week, according to a communication issued on Tuesday.
The move follows an agreement between the IBA’s negotiating committee and the United Forum of Bank Unions (UFBU) at their meeting on 27 September, the IBA said in a letter.
The committee will be chaired by Rajneesh Karnatak, managing director and chief executive officer of Bank of India. Ashok Chandra, MD and CEO of Punjab National Bank, has been appointed alternate chairman. Binod Kumar, MD and CEO of Indian Bank; Rakesh Sharma, MD and CEO of IDBI Bank; and G.S. Rana, deputy managing director (HR & CDO) at State Bank of India, will be members of the committee.
The UFBU will be represented by the general secretaries of its seven constituent unions—C.H. Venkatachalam of the All India Bank Employees’ Association (AIBEA), Rupam Roy of the All India Bank Officers’ Confederation (AIBOC), L. Chandrasekhar of the National Confederation of Bank Employees (NCBE), Sanjay Khan of the All India Bank Officers’ Association (AIBOA), Debasish B. Choudhary of the Bank Employees’ Federation of India (BEFI), Prem Makkar of the Indian National Bank Officers’ Congress (INBOC), and O.P. Sharma of the Indian National Bank Employees’ Federation (INBEF).
Vinod Nikam, general secretary of the Bank Karmachari Sena Mahasangh (BKSM), will be an invitee to the committee.
After deferment
The development comes after the UFBU deferred its proposed three-day nationwide bank strike scheduled for 28-30 September following late-night discussions with the IBA.
The UFBU had earlier said that IBA agreed to constitute a high-level committee to work towards finding a solution on five-day banking and discuss the matter with all stakeholders.
The demand for a five-day banking week was part of the 12th bipartite settlement and ninth joint note signed between the IBA and bank unions on 8 March 2024. The agreement had provided for all Saturdays to be declared holidays, with working hours on the remaining weekdays increased to compensate for the additional holidays. The proposal was subsequently sent to the government for approval.
The UFBU, an umbrella body of seven bank employees’ and officers’ unions, had intensified its agitation over the issue in recent weeks. It had observed a one-day nationwide strike on 11 September and subsequently announced a three-day strike from 28 to 30 September. It had also threatened an indefinite nationwide strike from 26 October if its demands remained unresolved.
The five-day banking demand has also been accompanied by concerns over the performance-linked incentive (PLI) framework for bank officers and other service-related issues. The government recently kept the revised PLI framework in abeyance.
Formal forum
The constitution of the committee now provides a formal forum for the IBA and bank unions to continue discussions specifically on the implementation of a five-day banking week.
Queries emailed to the finance ministry and IBA on Tuesday late evening remained unanswered till time it going to the press.
“We understand the questions and disappointment expressed by members over the deferment of the strike. That concern itself reflects the depth of our collective commitment to five-day ganking,” said Rupam Roy of AIBOC.
“The deferment was not an abandonment of the struggle, but a conscious decision to test the formal mechanism created through our unity and mobilisation. Tomorrow’s first meeting of the high-level committee is therefore important. AIBOC enters the process with hope, confidence and determination, expecting serious engagement, concrete progress and an outcome that respects officers’ aspirations.
“We shall remain open to alternative solutions and workable proposals that can take five-day banking to its logical conclusion. Every viable option will be examined and deliberated upon constructively, but always with one clear objective — protecting the interests, dignity and rightful expectations of our officers.”
Earlier, the government said it remained committed to addressing employee concerns through dialogue and constructive engagement.
