New Delhi:
From late 2024, banks in India are expected to transition to a five-day work week.
This comes after a long-standing demand from bank employees for two days off per week.
The Indian Banks Association (IBA) and employee unions have signed an agreement to implement this change, pending government approval.
Agreement and Government Approval
The agreement, signed between the IBA and bank unions in December 2023, proposes a five-day work week with Saturdays and Sundays off.
This proposal, however, still requires approval from the government, which is anticipated by the end of 2024.
The IBA and All India Bank Officers Confederation finalized this agreement with a joint note signed on March 8, 2024.
The final decision will involve consultations with the Reserve Bank of India (RBI), which oversees banking hours and internal operations.
Customer Service Hours and Working Hours
To ensure there is no reduction in customer service hours, daily working hours are likely to be extended by 40 minutes.
This adjustment will set the new working hours for banks from 9:45 am to 5:30 pm.
Currently, bank branches are closed on the second and fourth Saturdays.
Upon approval, all Saturdays will become official holidays under Section 25 of the Negotiable Instruments Act.
Implementation Timeline
While the exact timeline is dependent on government approval,
it is expected that the new working schedule could be implemented by December 2024 or early 2025.
Bank unions have been advocating for this change since 2015,
and it is seen as a significant move towards improving work-life balance for bank employees.
