After nearly a year of persistent demands and petitions from various bank employee unions, the long-awaited five-day banking week is one step closer to becoming a reality.
According to recent reports from the Indian Banking Association (IBA), an organization responsible for managing Indian banks, a crucial meeting was held on July 28.
During this meeting, the industry expressed its support for bank employee unions to observe holidays on all Saturdays, a proposal that has reportedly been accepted by the industry body.
The IBA has now forwarded the petition to the Finance Ministry for approval.
Awaiting Ministry of Finance’s Decision
The awaited approval from the Ministry of Finance will determine the fate of the proposed five-day banking week.
If approved, it would mean that bank branches would operate only from Monday to Friday, with an additional 45 minutes added to the daily working hours.
Private and public sector bank officials confirm that the agenda to declare Saturday as a holiday was approved in the last IBA meeting, and now the matter rests with the Finance Ministry.
Working for 5 Days a Week
Currently, Indian banks have a holiday every Sunday and every second and fourth Saturday of the month.
After the change, bank employees will enjoy time off on the first, third, and fifth Saturdays of each month.
This means that banks will function for five days a week, with employees working from Monday to Friday and having two days off on Saturday and Sunday.
Potential Challenges for Customers
While the prospect of a shorter workweek may bring joy to bank employees, it could pose challenges for customers.
Many tasks that require a visit to the bank may become inconvenient.
Some professionals plan their bank-related activities on Saturdays, their designated day off.
With the proposed changes, they would need to take time off from work or settle most of their tasks through online banking.
