The Ministry of Labour and Employment (MoL&E) on December 14, 2023, issued a notification regarding the declaration of the banking industry as a public utility service.
The following has been stated: -
•In the exercise of the powers conferred by the proviso to sub-clause (vi) of clause (n) of section 2 of the Industrial Disputes Act, 1947, the Central Government declared the services engaged in the Banking industry to be a public utility service for the purposes of the said Act for a period of six months with effect from December 15, 2023.
The detailed notification is given in the document attached below.
[Notification No. S.O. 5329(E).]
