5-day banking demand: What happened at the first high-level committee meet

The five-day banking demand has moved to the next stage of discussions, with the high-level committee set up by the Indian Banks’ Association (IBA) and United Forum of Bank Unions (UFBU) holding its first meeting on Thursday.

The meeting comes days after bank unions deferred their planned three-day nationwide strike following an agreement with the IBA to set up a committee to examine the demand.advertisement❮❯ Read Full StoryCOMMITTEE TO DISCUSS FIVE-DAY BANKINGThe 12-member high-level committee was formed on September 29, following the understanding reached between the IBA and UFBU on September 27.

In its latest circular dated October 1, the UFBU said the committee met on Thursday afternoon. The meeting had originally been scheduled for September 30 but was postponed due to unavoidable reasons.

The unions welcomed the formation of the committee and said they hoped it would work towards a clear roadmap for introducing five-day banking within the earliest possible timeframe.

However, the formation of the committee does not mean that five-day banking has been approved.PHYSICAL MEETING PLANNED

The UFBU said the issue involves understanding the concerns of different stakeholders and finding ways to address them before the system can be implemented.

The unions therefore proposed a full-day physical meeting at the earliest, where all related issues could be discussed in detail.

The committee has agreed to hold such a meeting shortly, the UFBU said, adding that further developments will be communicated in due course.WHY BANK UNIONS WANT FIVE-DAY BANKING

Five-day banking has been at the centre of the unions' agitation. At present, bank branches are generally closed on Sundays and the second and fourth Saturdays of every month.

The unions have been demanding that all Saturdays be declared holidays.

The proposed three-day strike from September 28 to 30 was deferred after the IBA agreed to form the high-level committee. This ensured that bank branches remained open during the half-yearly closing of accounts.

The immediate strike has therefore been deferred, while discussions on the five-day banking demand continue through the IBA-UFBU committee.- Ends