Bank Employees Anticipate 5-Day Work Week as Key Approval Remains Pending

Bank workers’ demands for a 5-day workweek are expected to be met shortly because the Indian Banks’ Association (IBA) and employee unions have already inked an agreement on the subject. The bank personnel anticipate receiving government clearance later in 2024; as of right now, only that is pending. The United Forum of Bank Unions and other bank employee unions have long advocated for a five-day workweek that excludes Saturdays. They guarantee that this won’t result in fewer hours spent providing customer service. A memorandum of understanding was subsequently signed in December 2023 between bank unions and the Indian Banks’ Association (IBA), which comprises both government-run and private institutions. A proposal for a 5-day workweek was included in this agreement, pending government approval.

The IBA and bank unions then signed the 9th Joint Note on March 8, 2024. The shift to a 5-day workweek with Saturdays and Sundays off was stated in the Joint Note, which was endorsed by the All India Bank Officers’ Confederation and the IBA. The government has the last say, even though the IBA and bank unions have reached an agreement. The Reserve Bank of India (RBI), which controls interbank transactions and banking hours, would also be consulted on the plan. The administration hasn’t set a formal timeframe for that. A few bank employees, however, said that they anticipate receiving the government’s warning by the end of this year or the beginning of 2025.

Also Read: Raymond reappoints Gautam Hari Singhania as MD for another five years

Saturdays will be recognized as official holidays under Section 25 of the Negotiable Instruments Act if they are authorized. It is stated that should the 5-day work week be adopted, the government will publish revised working hours that will extend the workday by forty minutes, from 9:45 a.m. to 5:30 p.m. Currently, the second and fourth Saturdays are closed for bank branches. Since 2015, bank unions have called for annual leave that includes all Saturdays and Sundays. In accordance with the terms of the 10th Bipartite Settlement, which was signed in 2015, the government, RBI, and IBA decided to make the second and fourth Saturdays holidays.

Raymond reappoints Gautam Hari Singhania as MD for another five years

Raymond on May 3 said its governing body has endorsed the reappointment of Gautam Hari Singhania as overseeing chief for an additional 5 years, successful from July 1, 2024.

“The governing body, in view of the proposals of the Selection and Compensation Panel, at its gathering held today, have supported the re-arrangement of Gautam Hari Singhania (Noise: 00020088) for a term of five (5) years powerful from July 1, 2024,” Raymonds said in an explanation.

The re-arrangement is dependent upon the endorsement of the individuals from the organization.

Singhania assumed control over the reins of Raymond Restricted as administrator and overseeing chief in September 2000.

Who Is Gautam Hari Singhania?

Gautam Hari Singhania is a trade move on from the College of Mumbai. As MD of Raymond starting around 2000, he has been answerable for the essential choice of rebuilding the Raymond Gathering, starting the divestment of its noncore organizations of Steel, Concrete, and Fabricated materials.

Also Read: Ola Cabs CEO Hemant Bakshi Resigns, Company Set to Lay Off 10% Staff: Report

After the divestment, the Gathering solidified its situation with an engaged market-situated approach. The gathering has gained tremendous headway under the stewardship of Mr. Singhania and his vision is to take the Raymond Brand from being among the most regarded Indian brands to being among the best in the worldwide business sectors.

With a drive for making new brands, Singhania has looked into the send-off of new items and is effectively coordinating the Gathering towards supported development. Under the initiative of Singhania, the Gathering has made a momentous introduction to the land business.

Ola Cabs CEO Hemant Bakshi Resigns, Company Set to Lay Off 10% Staff: Report

Hemant Bakshi, the CEO of Ola Cabs, resigned from his role barely four months after joining the company, citing sources with knowledge of the reorganization process that may result in at least 10% of jobs being lost, according to the report. The ride-hailing company hired Hemant Bakshi in January, and according to a report, an unidentified insider stated, “With this restructuring, certain roles within the organization will be rendered redundant and could impact as much as 10% of the workforce.”

Another stated that Hemant Bakshi, the CEO of Ola Cabs, will be leaving the firm to seek opportunities and interests outside of Ola, according to the report. Aggarwal will be attended to, and a fresh appointment is scheduled for shortly.

What changes are happening at Ola Cabs?

This occurred just a few weeks after it was revealed that Ola Cabs had started the first conversations about an IPO with investment banks. Ola Cabs has appointed several new personnel in the last month, including Sidharth Shakdher as the CBO and Kartik Gupta as the CFO (formerly of P&G) (ex-Hotstar).

Ola Cabs shuts down international operations.

The business has discontinued operations abroad in a few nations. The statement from earlier stated, “We’ve reevaluated our objectives and have chosen to close down our international ride-hailing company in the UK, Australia, and New Zealand. We are still incredibly enthusiastic and committed to helping one billion Indians.

Also Read: Deepinder Goyal’s ₹79 Crore Purchase Tops Delhi’s FY2024 Land Deals; 29 Deals Closed in NCR

How are Ola Cab’s finances?

Ola’s Mobility division brought around ₹2,135 crore in revenue in FY23, a roughly 58% increase. After revealing an EBITDA loss of ₹66 crore in FY22, the company recorded positive EBITDA for the first time, totaling ₹250 crore.