Individuals, primarily from the IT sector, who work for five days a week, anticipate weekends to visit banks.
Specifically, the first and third Saturdays are preferred by Indians who still visit banks on weekends in the digital era.
These individuals must occasionally take into account bank holidays and strikes in the country before planning any processes that require their physical presence.
Nonetheless, this practice may need to be revised soon since local branch visits on weekends may no longer be feasible due to lenders transitioning to a five-day workweek.
Why Would This Happen?
It seems that the Indian Banks’ Association (IBA) has reached an agreement to provide all bank employees with Saturdays off, following discussions with the United Forum of Bank Employees.
However, there is a caveat, as employees will now be required to work longer hours per day.
As a result, the government, as the owner of public sector lenders, and the Reserve Bank of India will have to approve this change before new schedules are finalized.
Although the agreement on working days was negotiated separately from wages, a senior union official was reportedly absent.
LIC Made The Move Ahead
It seems that Life Insurance Corporation (LIC), a popular state-owned Indian insurance and investment company, has already made the transition to a five-day workweek.
The report also states that bank staff will have 40 minutes added to their daily work hours in exchange for two additional days off.
The Indian Banks’ Association (IBA) made this move following LIC’s decision and plans for stock markets to align with those in western economies.
Bankers have acknowledged that while ATMs and e-banking have become the primary channels for customers, some people still visit their local branches frequently.
Additionally, cash deposit machines and passbook printing devices have been installed alongside ATMs, allowing bank visitors to benefit from these self-service devices.
