GIFT City bankers may follow global schedule, enjoy five-day work week
Gujarat International Finance Tec-City may soon enjoy a five-day work week, months after the government eased alcohol consumption rules in GIFT City to make it more attractive to global financial institutions.
A working group set up by the International Financial Services Centres Authority (IFSCA) 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 Mumbai 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 Gujarat 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
