Debate on implementing a 5-day workweek for banks have resumed in India once again. Currently, banks work six days a week, with closing on the second and fourth Saturdays. However, there has been a long-standing demand from bank employees to adopt a 5-day workweek.
In December 2023, the Indian Banks’ Association (IBA) and bank unions signed an agreement that included a proposal for banks to adopt a 5-day workweek. However, this is the subject to government approval. On March 8, 2024, the IBA and bank unions signed the 9th Joint Note, which outlined plans to switch to a 5-day workweek. Furthermore, this plan included Saturdays and Sundays off.
Earlier, the media reports suggested Bank employees’ long-standing demand for a 5-day workweek might get final approval from the finance ministry by the end of December 2024. It now appears to be nullified as yet. As of now, there is no official deadline announced by the government on this matter. It will be interesting to see when the ministry officially approves the proposal.
5-Day Working For Banks: What’s There For Customers?
Bank employee unions have promised that switching to a 5-day workweek won’t affect the customer service hours. To make this happen, banks will extend their daily working hours by about 40 minutes.
Challenges Ahead
Regulatory Approval: The approval of the Reserve Bank of India (RBI) is one of the most important aspect of this development.
Smooth Banking Services: Implementing a 5-day workweek for banks in a vast and diverse country like India can be quite challenging. This potentially can make it difficult to maintain seamless banking services.
Union And Management: Reaching a mutual agreement between employees and management on working hours, salaries, and other operational changes is crucial for its implementation.
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