Banks in India might soon work only 5 days a week if the dialogue between the Indian Banks Association and the United Forum of Bank Employees becomes fruitful. A proposal is being considered by the Indian Banks Association (IBA), which suggests that Indian banks may close for five days each week, including Saturdays.
The proposal has been put forward following a request from bank unions nationwide for a five-day working week for bank employees to enjoy weekend breaks. If the proposal is approved, it would increase the number of bank holidays throughout the year.
The approval of the Reserve Bank of India will be required for the proposal to close banks every Saturday, as the timing of most interbank activities is determined by the Reserve Bank of India.
As per a recent proposal, banks in India could potentially operate for only five days each week and close on Saturdays. This move would benefit bank employees from a five-day work-week and weekend offs throughout the year. Consequently, there may be a rise in the number of bank holidays during the year, as reported by News18. The Indian Banks Association (IBA) is examining the proposal, which is expected to be approved soon.
In today’s digital age, many people prefer to conduct their banking online, while the banks remain operational on the first and third Saturdays of every month. However, if the proposal is approved, customers would not have the option of visiting their banks during the weekends.
Bank unions across the country have proposed a five-day work week throughout the year, which, if approved by the IBA, would result in banks being closed on all Saturdays, leading to an increase in bank holidays.
Bank employees in India might have to work 50 hours per week, with 10-hour shifts from Monday to Friday and weekends off, according to a proposal yet to be approved by the Indian Banks Association (IBA). Although the proposal has not been authorised, the IBA is considering pushing it.
The IBA is in discussions with the United Forum of Bank Employees (UFBEs) regarding approving the five-day work-week proposal. It is not yet known if the proposal will be accepted or not.
