Finance Ministry Refutes Commitment to Five-Day Banking Week Ahead of Strike

The Finance Ministry has publicly rejected reports that it consented to a five-day work week for banks, stating no commitment was made. This denial clashes with the United Forum of Bank Unions' claim that the Indian Banks' Association signed off on the schedule in a March 2024 settlement, which would add 40 minutes to each weekday to offset the lost day. Unions are set to begin a three-day strike across the country from September 28, demanding the shortened week along with pension reforms and a uniform dearness allowance.

The ministry acknowledges that several union demands—higher family pensions, a pension option for resigning staff, and a pause on the Performance Linked Incentive scheme—have been addressed. To limit customer impact, public sector banks are required to operate on Sunday, September 27, and the government has ordered advance disbursement of September salaries and pensions for central employees. Officials have urged workers to abandon the strike and resolve remaining issues through dialogue.