Latest news with #10thBipartiteSettlement
News18
04-08-2025
- Business
- News18
Will Banks Get All Saturdays Off? Here's What Govt Says On 5-Day Work Week
Last Updated: The Indian government is considering a proposal for a 5-day work week for public sector banks. Currently, only the second and fourth Saturdays are holidays. 5-day work week: The government of India has clarified that the proposal of the Indian Banks' Association (IBA) suggesting a 5-day work week for the public sector banks (PSB) is under consideration. In a written reply in Lok Sabha on July 28, 2025, Ministry of Finance said that the IBA has proposed to declare all Saturdays as holidays in banks for PSBs, according to a report of Economic Times. As of now PSBs follow a system where only the second and fourth Saturdays are official holidays. The ET report added that MP K C Venugopal had asked the government about the Indian Banks' Association (IBA) proposal, staff shortages, and possible timelines for implementation. The government hasn't shared any specific timeline for rolling out the 5-day banking week, according to ET report. On the question of staffing crunch in Public sector banks, the government said each based decides its staffing based on business needs, retirement, and other factors. As of March 31, 2025, PSBs have 96% of required staff in place. The small gap is due to retirements and other normal exits. The IBA has proposed making all Saturdays bank holidays, moving to a 5-day work week. Since 2015, only second and fourth Saturdays are official bank holidays, as per a government notification following the 10th Bipartite Settlement between IBA and bank unions. Who Decides Staffing Needs: Public Sector Banks (PSBs) are managed by their own boards. Each bank decides its staffing based on business needs, retirements, and other factors. Staff Shortage Issue: As of March 31, 2025, PSBs have 96% of required staff in place. The small gap is due to retirements and other normal exits. Implementation Timeline: The government did not share a fixed timeline for rolling out the 5-day banking week. view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Hans India
02-05-2025
- Business
- Hans India
Centre urged to settle bank pension updation out of court
Vijayawada: TheAll India Bank Pensioners' and Retirees' Confederation (AIBPARC) advisor GD Nadaf urged the Central Government and the Indian Banks' Association (IBA) to settle the implementation of pension updation outside court. Nadaf was the chief guest at the members' meeting of AIBPARC affiliates, organised by its AP and Telangana unit deputy secretary Boppana Mohan Rao here on Thursday. AIBPARC Deputy General Secretary KBG Tilak presided over the meeting. Nadaf highlighted that pension regulations are modelled on those of the Government and RBI, supported by a robust pension fund exceeding Rs 4.27 lakh crore, including State Bank of India, as of March 2024. Nadaf further demanded that the special allowance introduced in the 10th Bipartite Settlement by IBA be included in the calculation of gratuity and basic pension for bank pensioners who retired after November 1, 2012. AIBPARC working president S Kuppuswamy called on the Union Ministry of Finance to amend guidelines to restore the commuted value of pensions after 10 years from the date of commutation, instead of the current 15 years. AIBPARC vice-presidents K Chandrasekaran and K Suryanarayana Murthy stressed the need for a formal consultative forum for apex-level pensioners and retirees' organisations at the IBA level. Canara Bank Syndicate Pensioners and Retirees Association (CBSPRA) treasurer MS Prakash Rao also addressed the participants. GD Nadaf garlanded the portrait of AIBPARC AP and Telangana unit former Secretary K Prabhakar and paid tributes on his 79th birth anniversary on May 1. A two-minute silence was observed in memory of the 26 victims recently killed in a terrorist attack in Pahalgam, Jammu and Kashmir. CBSPRA Vijayawada regional secretary KNV Prasad proposed a vote ofthanks.
