5 Days Working in Bank : The government may approve the proposal of working five days a week for bank employees in India. The Finance Ministry may approve the proposal to keep bank branches closed for two days by December 2024.
If this plan is implemented, banks will remain closed on all Saturdays and Sundays. Currently, banks are closed only on all Sundays and second and fourth Saturdays. This can prove to be a big milestone in the banking system. This step will be an important step towards creating a better work life balance for banking professionals. There is a consensus on this issue between the Indian Banks Association (IBA) and employee unions. Bank employees have been demanding 5 days working for a long time.
This will be the new time for opening and closing of banks
If the government approves this plan, bank employees will get Saturday and Sunday off. This will increase the daily working hours by 40 minutes. In most areas, banks open from 9:30 am to 5:30 pm, but this time may soon change to 9 am to 5:40 pm. However, some branches still keep public hours from 10 am to 4 pm.
Banks will remain open for 40 minutes extra from Monday to Friday
An agreement has been reached between the Indian Banks Association (IBA) and employee unions. Bank employee unions have said that this will not reduce the hours of customer service. For this, there is also a proposal to increase the working hours by 40 minutes. In December 2023, a Memorandum of Understanding was signed between IBA and bank unions for public and private sector banks. After this, 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 allow banks to remain closed for two days?
In September 2024, the All India Bank Officers Confederation (AIBOC) in a post on X urged the Ministry of Finance and the Prime Minister’s Office to approve the proposal quickly. AIBOC said that 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 two Saturdays off in 2015
Once approved, Saturdays will be recognised as official holidays under Section 25 of the Indian Unions Act. Currently, banks are closed only on second and fourth Saturdays. Bank unions have been demanding holidays on all Saturdays and Sundays since 2015. Under the 10th bilateral agreement in 2015, the RBI and the government had agreed with the IBA and declared second and fourth Saturdays as holidays.
Bank employees will benefit
After the new list is released, customers will have to verify the hours of operation 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 working week will be very beneficial for bank employees, helping them to recharge and increase their productivity. Banking professionals have been eagerly waiting for the government’s approval for a long time. The government is expected to take a decision by December 2024.
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