IBA Forms High-Level Committee to Discuss Five-Day Banking
The Indian Banks’ Association (IBA) has constituted a high-level committee to discuss the implementation of a five-day banking week, following its September 27 meeting with the United Forum of Bank Unions (UFBU) and the Bharatiya Bank Mazdoor Sangh. The committee will examine possible alternatives, consult stakeholders and work towards a solution on making all Saturdays holidays, in addition to Sundays.
The committee includes five representatives from the IBA and seven from UFBU, with Bank of India MD & CEO Rajneesh Karnatak as chairman and Punjab National Bank MD & CEO Ashok Chandra as alternate chairman. The proposal has been under discussion for several years. Under the 12th Bipartite Settlement and 9th Joint Note signed in March 2024, the IBA had recommended declaring all Saturdays holidays under the Negotiable Instruments Act, subject to government approval and the required clearances.
The formation of the committee does not mean five-day banking has been implemented. Existing Saturday holidays continue for now, while the committee examines implementation options, including alternatives to extending daily working hours. The development follows the deferral of the planned September 28–30 nationwide bank strike, with discussions now continuing through the IBA-UFBU mechanism.
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