Banks to remain 2 Days off: Proposal made with MOF

The Minister of State DR. BHAGWAT KARAD in the Ministry of Finance in a written reply to a question raised in Rajya Sabha, “Banks to remain 2 Days off”.

Smt. Sumitra Balmik asked this question in Rajya Sabha:

Will the Minister of Finance be pleased to state:

whether any demand has been made by the Bank Union or IBA regarding the implementation of the five-day work plan in nationalised banks or whether there is any plan to implement it, if so, the details thereof?

The Minister of State replied:

Yes, IBA has submitted a proposal to declare all Saturdays as banking holiday. In regard to the Saturdays being public holiday, subsequent to 10th Bipartite settlement/ 7th Joint note signed between IBA and Workmen Unions/Officer Associations, Government, in exercise of powers conferred by section 25 of the Negotiable Instruments Act, 1881, vide notification dated 20.8.2015, had declared the second and the fourth Saturdays of every month as public holiday for banks in India.