Bank 5 days Working: The debate over 5-day working for banks has started again in India. The debate over implementing 5-day working is gaining momentum again. Currently, banks work six days a week, with second and fourth Saturdays being holidays.
There has been a demand for 5-day working for bank employees for a long time, but despite expectations of its implementation in December 2024, the proposal is still awaiting approval from the Finance Ministry.
What is the proposal?
The Indian Banks Association (IBA), a leading body of banks, and the United Forum of Bank Unions (UFBU) have proposed 5-day working several times. The scheme aims to align working with global banking norms, improve employee welfare and productivity. A Memorandum of Understanding (MoU) was signed between the IBA and bank unions in December 2023, which included the proposal for 5-day working. Subsequently, on 8 March 2024, IBA and All India Bank Officers Confederation (AIBOC) signed the 9th Joint Note. In this note, a framework of 5-day working with holidays on Saturday and Sunday was presented.
Impact on customers
If this proposal is implemented, customers will have to plan their visits to bank branches better than before. Customers may face difficulties, especially in areas where the use of digital banking is limited. However, bank unions have assured that the 5-day working will not have any adverse impact on customer service hours. For this, the timings of bank branches will be extended by about 40 minutes and digital service will be strengthened.
There are also many challenges in implementing the 5-day working plan…
Regulatory approval: Approval from the Reserve Bank of India (RBI) and the Ministry of Finance is mandatory for this change.
Banking service: In a large and diverse country like India, maintaining smooth banking service is a big task.
Union and management consensus: It is important to build consensus between employees and management on working hours, wages and other operational changes.
How many days do banks work in other countries…
Banks in many countries like America, Britain and Australia are already working on a 5-day working basis. 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 scheme will have 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. All India Bank Officers Confederation General Secretary Rupam Rai said that the union is planning an agitation soon. Also, other unions and associations of UFBU have been invited to join.
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