Holidays declared by States are excessive: Indian Banks’ Association
the Negotiable Instruments Act, 1881, by various States are ‘excessive’ and
need to be rationalised.
which represents management of member banks,
is learnt to have made known its view during discussions on ringing in a
five-day week in the banking sector.
It may be recalled that as part of the wage revision under the
10th bipartite settlement, a memorandum of understanding was signed
on February 23 between the IBA and workmen unions/officer associations.
A consensus was arrived at that every second and fourth Saturdays
of the month will be holidays and the other Saturdays will be
full working days for bank branches/offices.
(represented by public sector banks, private sector banks, foreign banks and
cooperative banks) at its meeting on April 7.
seeking its consent to enable it to take up the matter with the Government and
the Finance Ministry for issuing necessary Gazette notification.
It was here that the IBA managing committee felt that holidays declared
under the Negotiable Instruments Act, 1881, by various State Governments
needed to be rationalised.
rationalisation of bank holidays under the Act.
rationalisation of bank holidays under the Negotiable Instruments Act
with the Finance Ministry.
clearing functions and RTGS/NEFT on second and fourth Saturdays and
have full-day clearing services on other Saturdays like any other weekday.”