Bank employees are demanding a 5-day working week. According to media reports, this long-standing proposal is now likely to get the final approval of the Finance Ministry by the end of December 2024.
After this, bank branches will remain closed on all Saturdays and Sundays instead of all Sundays and second and fourth Saturdays at present. An agreement has already been finalised between the Indian Banks Association (IBA) and employee unions in this regard.
Bank employee unions have assured that this will not reduce the customer service hours. To ensure this, the timings will also be revised to increase the working hours by about 40 minutes.
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 prioritise the proposal for a 5-day working week to ensure the well-being of bank employees and further enhance the efficiency of the banking sector.
In December 2023, a Memorandum of Understanding was signed between the Indian Banks’ Association (IBA), which includes both public and private lenders. The agreement included a proposal for a 5-day working week, subject to government approval.
This was followed by the signing of the 9th joint note by the IBA and bank unions on March 8, 2024. The joint note signed by the IBA and the All India Bank Officers Confederation outlined a shift to a 5-day week with Saturday and Sunday off.
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