Five-day work week for banks gets IBA nod

After nearly a year of repeated representations and petitions by various bank employee unions, five days banking is closer to becoming a reality soon.

According to highly placed sources, in a meeting held by the Indian Banking Association (IBA), a representative body of managements of Indian banks, the industry demand for put forth by banks employee unions to declare all Saturdays as a bank holiday is said to have been accepted by the industry body. The IBA has forwarded the petition to the ministry of finance for its approval.