The proposal to work 5 days a week for bank employees in India may be approved soon. The Finance Ministry may approve the proposal to keep bank branches closed for two days till December 2024.
If this plan is implemented, banks will be closed on all Saturdays and Sundays. At present, banks are closed on all Sundays and second and fourth Saturdays. This can prove to be a major milestone in the banking system.
This move will be an important step towards creating a better work-life balance for banking professionals. An agreement has been reached between the Indian Banks Association (IBA) and employee unions on this issue. Bank employees have been demanding 5 days of work for a long time.
New time for the opening and the closing of the banks
If the government has ordered to approve this scheme, then the bank employees will be get Saturday and Sunday break. For this, working hours will be increased by 40 minutes daily. In most areas, banks open from 9:30 am to 5:30 pm, but soon this time may change to 9 am to 5:40 pm. However, some branches are still open to the public from 10 am to 4 pm.
Banks will remain open for 40 minutes more from Monday to Friday
An agreement has been arrived between the Indian Banks Association (IBA) and the employee unions. The Bank employee unions have to be said that this will not reduce to the hours of customer service any how.
For this, there is also a proposal given to increase the working hours by 40 minutes daily. In December 2023, a Memorandum of the Understanding was being signed between the IBA and the bank unions for public and the private sector banks.
Subsequently, on March 8, 2024, IBA and All India Bank Officers Confederation issued a joint note, giving information about working 5 days a week and weekend holidays.
When will the government give 2 days off to banks
In September 2024, the All India Bank Officers Confederation (AIBOC) in a post on X appealed to the Ministry of Finance and the Prime Minister’s Office to approve the proposal as soon as possible.
AIBOC said this is necessary for the welfare of bank employees and to increase the efficiency of the banking sector. According to reports, bank employee unions expect the government to issue a notification by the end of this year or early 2025.
The government last gave 2 Saturdays off in 2015
Once approved, Saturday will be recognized as an official holiday under Section 25 of the Indian Organization Act. At present, banks are closed only on the second and fourth Saturdays.
Bank unions have been regularly demanding the holidays on all Saturdays and Sundays both since 2015. Under the 10th bilateral agreement in 2015, the RBI and the government agreed with the IBA and declared the second and fourth Saturdays as holidays.
Bank employees will benefit
Once the new list comes, customers will have to confirm the operating hours of local branches. The final decision of the central government can help in maintaining the work-life balance of bank employees across India.
A senior bank official said that the 5-day work week will be very beneficial for bank employees, helping them recharge and increase their productivity. Banking professionals have been seriously waiting for the government’s approval for the long time. The government is expected to decide by December 2024.