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5 Days Banking: Bankers Decry Delay on Social Media
As Department of Financial Services(DFS) holds back green signal on 5 days banking, bankers on social media sound alarms on the delay.
Author: Abhivad
Published: January 3, 2024
In a wave of social media fury, bankers are expressing their discontent over the delay in implementation of five days banking, a move anticipated to be effective from 1 January 2024. Despite the expected rollout and the assurance during 12th Bipartite Settlement(BPS) negotiation, both the Department of Financial Services(DFS) and the Ministry of Finance(MoF) are yet to provide an official confirmation.
Image - An anonymous banker’s post on X, reminding the promise of a 5-days work week.
During the discussion to reach the Memorandum of Understanding (MoU) for the 12th Bipartite Settlement (BPS), the Indian Banks' Association (IBA) had maintained that they had recommended the issue to the MoF, to take the final call. However, the absence of a green signal has triggered a barrage of concerns from bankers, prompting them to take to social media to remind authorities of their commitment to the promises given.
Image - A post on X showcasing the bankers’ discontent over the 6-days work week, when other financial institutions have a 5-days work week.
The hashtag #5DaysBanking trended extensively on platform X during New Year celebrations, indicating the collective frustration among banking professionals. Around 8000 X posts had piled up with this hashtag by New Year's eve. Bankers are particularly vocal about issues such as work-life imbalance, stress, extended working hours, working on Sundays and other holidays and the burden of meeting targets. A recent survey among 192 bank employees in urban Puducherry also revealed the majority of them had high and very high levels of stress. These challenges, as expressed on various social media platforms, underscore the pressing need for the implementation of a 5-day workweek in the banking sector.
Image - Another X post quoting a recent survey, which indicates high stress levels among bankers.
A leader from the United Forum of Bank Unions (UFBU) who preferred to stay anonymous, shed light on the ongoing advocacy for #5DaysBanking, stating, "UFBU has been representing this demand, and at one juncture, even the IBA acknowledged and reached a consensus on the matter. However, the ultimate decision rests with the MoF, and as of now, there has been no official communication from their end." The leader hinted at a ray of hope, mentioning that the issue is slated for discussion in the upcoming Bipartite Settlement (BPS) talks supposed to be held in January 2024.
Image - Another banker asks the authorities when #5DaysBanking is going to be implemented.
As the online discourse gains momentum, bankers hope to draw attention to their legitimate concerns and reinforce the importance of a balanced work environment. The banking community is eagerly awaiting a response from DFS and MoF to put an end to the prevailing uncertainty and pave the way for a more harmonious work-life structure.