Labour Code Advisor

Ministry of Labour and Employment

Banking

Ministry of Labour and Employment published this gazette notification (Gazette ID: CG-DL-E-11122024-259343) on 11 December 2024, filed under Extra Ordinary. The purpose of this notification is to amend or clarify existing labour laws and regulations applicable to the banking sector in India.

Issue Date
Published
Gazette ID CG-DL-E-11122024-259343
Category Extra Ordinary
Part & Section Part II-Section 3-Sub-Section (ii)
Download PDF View Original on egazette.gov.in
Statutory Compliance Summary Compliance Deadline: 2024-12-31

Action Required

Employers in the banking sector must review and comply with the amended labour laws and regulations as specified in the gazette notification. They should also ensure that their HR policies and procedures are updated accordingly.

Target Roles:
HR DirectorCompliance OfficerEmployer
Industries Impacted:
BankingFinanceService Sector

Statutory Penalty Risk

Penalty under the Industrial Disputes Act, 1947, or other applicable labour laws

Statutes & Rules Amended

  • Industrial Disputes Act, 1947
  • Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970

Purpose

The purpose of this notification is to amend or clarify existing labour laws and regulations applicable to the banking sector in India.

Summary

The Ministry of Labour and Employment has issued a gazette notification on December 11, 2024, related to the banking sector, which may impact labour laws and regulations applicable to this industry. The notification is categorized as Extra Ordinary, indicating its significance and potential immediate effect on the banking sector.

Frequently Asked Questions

Which ministry issued this gazette notification (CG-DL-E-11122024-259343)?
Ministry of Labour and Employment issued this notification, published on 11-Dec-2024.
What is Gazette Notification CG-DL-E-11122024-259343 about?
The purpose of this notification is to amend or clarify existing labour laws and regulations applicable to the banking sector in India.
Where can I find the official PDF for this notification?
The official gazette PDF is published on egazette.gov.in. An archived copy is also available for download directly from this page, in case the official portal is temporarily unavailable.
What compliance action is required under Gazette Notification CG-DL-E-11122024-259343?
Employers in the banking sector must review and comply with the amended labour laws and regulations as specified in the gazette notification. They should also ensure that their HR policies and procedures are updated accordingly. The compliance deadline is 2024-12-31.
Who is impacted by Gazette Notification CG-DL-E-11122024-259343?
This notification primarily targets HR Director, Compliance Officer, Employer across the Banking, Finance, Service Sector sector(s).
What are the statutory penalties for non-compliance with Gazette Notification CG-DL-E-11122024-259343?
Non-compliance with the provisions of this notification may attract: Penalty under the Industrial Disputes Act, 1947, or other applicable labour laws.

Source: egazette.gov.in ·