Five day working week for banks from 1 January 2024, is not yet approved by Ministry of Finance - FACTLY
Sai Krishna Muthyanolla
December 11, 2023
A post being shared on social media claims that the Cabinet has approved an amendment to the Negotiable Instrument Act, and that Banks can now have five five-day working week, slated to be effective from 1 January 2024. Let’s verify the claim made in the post.
Claim: Cabinet approved for five day working week for banks from 01 January 2024.
Fact: Responding to a question in Rajya Sabha, on whether the Indian Banks Association (IBA), a representative body of all banks in India, has demanded the implementation of a five-day work week, minister of state for finance Bhagwat Karad said the IBA had indeed submitted a proposal to this effect. The finance ministry’s reply did not indicate whether the demand has been accepted or whether it could be anytime in the near future. Hence, the claim made in the post is FALSE.
Upon searching for the information related to the viral post, we came across the question asked in the Rajya Sabha dated 05 December 2023, regarding five-day work plan in nationalised banks. In response, the Minister of State for Finance Bhagwat Karad said the IBA had indeed submitted a proposal to declare all Saturdays as holidays.
The finance ministry’s reply did not indicate whether the demand has been accepted or whether it could be anytime in the near future.
As per news reports (here, here), the finance ministry reply did not indicate whether the demand has been accepted or whether it could be anytime in the near future. If accepted, the move may come with extended hours during the five-day working week.
To sum it up, the post claiming that the Union Cabinet approved five-day working week for banks from 01 January 2024 is false.