Reserve Bank Of India may not allow alternate saturday holiday to banks

According to recent 10th Bipartite Wage Negotiations between The Indian Banks’ Association (IBA) and Public sector Bank Unions, bankers got 15% increase in salary. Also it was decided to keep bank holiday on the second and fourth Saturdays and the remaining Saturdays will be full working days. Only after notification by the Reserve Bank of India (RBI), changes in banking hours on Saturdays could come into force.

Since the new financial year began from April 1, State Bank of India had sent the reference to RBI to clear the new holiday schedule. But Reserve Bank Of India feels that the infrastructure for keeping key deposit related functions need to be strengthened before the banks can down shutters to enjoy a five day week. RBI does not seem willing to clear it in near future.

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There are about a million employees in all scheduled commercial banks in India as per RBI statistics. Of these about 0.75 million are in the public sector banks. The deal between the state run banks and their employees is likely to impact working hours in private and other banks in India too.

The bank employees have argued that as the stock markets and clearing houses remain closed over the weekend, it made little sense to keep the banks open on Saturdays. Reserve Bank of India also remains closed on saturdays

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