The Minutes of Discussions has to be translated into regular Settlement under the I.D Act amending the existing provisions regarding working hours.
Further change of holiday in Banks also needs official changes in the regulations by RBI and some amendment to the Negotiable Instruments Act.
All these issues have been taken up by IBA with the concerned authorities in RBI and Government.
Without completing and complying with these formalities, the holidays in Banks cannot be changed.
Further, our units should be aware that our Settlement would cover only 45 Banks whereas there are other Banks which are outside IBA and also not covered by our Settlement.
Even amongst the 45 Banks, in the case of foreign Banks, only workmen are covered by their mandate to IBA and not officers.
Hence there are technical issues to be dealt with before implementing the change of holidays.
All such issues have to be sorted out before the new holiday system is introduced.
In the meantime, false and wrong messages, imaginary circulars in the name of SBI, instructions of Finance Ministry, etc. are in circulation.
We should ignore all these false and mischievous messages, etc. aimed to create confusion amongst employees.
Members are requested to desist from forwarding such messages to others.