GIFT City bankers may follow global schedule, enjoy five-day work week
The working group said in its recommendations that a five-day work week will align with practices adopted in international financial centres and offshore units of Indian banks. "The government wants to position GIFT City as a major financial hub. All these steps are very important benchmarks for an aspiring international financial centre like GIFT IFSC," said another official.
New Delhi: Bankers in IFSC Banking Units (IBUs) in Tec-City may soon enjoy a five-day work week, months after the government eased alcohol consumption rules in to make it more attractive to global financial institutions.A working group set up by the () on uniform working hours and a holiday list for IBUs has recommended a five-day work week and a decision in this regard may be announced soon, according to two officials aware of the matter. "The recommendations are being examined, and we expect a nod for a five-day work week within the first quarter of 2024-25," said one of the officials, who did not wish to be identified, adding that IBUs will also adopt the holiday calendar. "This is required because most of the IBUs are involved in treasury operations, which, for Indian lenders, are mostly done through Mumbai, and also because overseas units of Indian banks follow the Mumbai holiday calendar."
The working group said in its recommendations that a five-day work week will align with practices adopted in international financial centres and offshore units of Indian banks. "The government wants to position GIFT City as a major financial hub. All these steps are very important benchmarks for an aspiring international financial centre like GIFT IFSC," said another official.
In December last year, the government allowed hotels and restaurants located in or coming to GIFT City to obtain a wine and dine facility. It said employees and visitors can consume liquor in such hotels or restaurants but can't buy liquor bottles from there. There are plans to put up a racetrack in Gujarat's GIFT City which could help position the financial centre as an international sporting destination.
Employees of public sector banks have a longstanding demand for a five-day work week. In the recently concluded wage settlement between unions and the Indian Banks' Association, there was an agreement on the proposal subject to government approval. "Paving the way for a five-day work week, the joint note recognises all Saturdays as holidays, pending government notification. The revised working hours will be effective after notification by the government," said a statement by the .
The working group set up by the IFSCA also recommended that the authority specify regulatory guidelines along with a timeline for all IBUs to put in place an appropriate system that is automated round-the-clock through internet banking services for offering certain basic services to their customers.
Source: Stocks-Markets-Economic Times
