Bank 5 days Working : The debate on 5 days working for banks in India has started again. The debate on implementing 5 days working is gaining momentum again. Currently, banks work six days a week, with second and fourth Saturdays being a holiday.
There has been a demand for 5 days working for bank employees for a long time, but despite hopes of implementing it in December 2024, the proposal is still awaiting the approval of the Finance Ministry.
What is the proposal?
The Indian Banks’ Association (IBA), the umbrella body of banks, and the United Forum of Bank Unions (UFBU) have proposed 5-day working several times. The plan aims to align operations with global banking regulations, improve employee well-being and productivity. A Memorandum of Understanding (MoU) was signed between the IBA and bank unions in December 2023, which included a proposal for 5-day working. After this, on 8 March 2024, IBA and the All India Bank Officers’ Confederation (AIBOC) signed the 9th joint note. In this note, a blueprint was presented to implement 5-day working with holidays on Saturday and Sunday.
Impact on customers
If this proposal is implemented, customers will have to plan their visits to bank branches in advance. Customers may face problems especially in areas where the use of digital banking is limited. However, bank unions have assured that 5 days working will not have any negative impact on customer service hours. For this, the timings of bank branches will be increased by about 40 minutes and digital services will be strengthened.
There are many challenges in implementing the 5 day working plan.
Regulatory approval: Approval from the Reserve Bank of India (RBI) and the Finance Ministry is mandatory for this change.
Banking Services: Maintaining uninterrupted banking services in a large and diverse country like India is a big task.
Consensus between union and management: A consensus needs to be reached between employees and management regarding working hours, salary and other operational changes.
How many days do banks work in other countries
Banks in many countries like the US, UK and Australia are already working on a 5-day working day. Indian banks often get inspiration from these countries to adopt this model. However, India’s social and economic conditions are different, due to which this plan has to be implemented carefully.
What will happen next?
Talks are going on between IBA and UFBU, but no clear signal has been received from the government yet. Rupam Roy, general secretary of All India Bank Officers Confederation, said that the union is planning a movement soon. Also, other unions and associations of UFBU have been invited to join it.
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