New Delhi, Sept. 29 -- The Indian Banks' Association (IBA) has constituted a high-level committee with representatives of bank unions to discuss the implementation of a five-day banking week, according to a communication issued on Tuesday.

The move follows an agreement between the IBA's negotiating committee and the United Forum of Bank Unions (UFBU) at their meeting on 27 September, the IBA said in a letter.

The committee will be chaired by Rajneesh Karnatak, managing director and chief executive officer of Bank of India. Ashok Chandra, MD and CEO of Punjab National Bank, has been appointed alternate chairman. Binod Kumar, MD and CEO of Indian Bank; Rakesh Sharma, MD and CEO of IDBI Bank; and G.S. Rana, deputy managing director (HR & C...