The government is considering a significant change in banking operations that will bring relief to bank employees. Under the new proposal, banks will operate only five days a week, and the working hours of branches will be adjusted accordingly. This decision is expected to impact millions of bank customers across the country. The final approval for this move is anticipated in the upcoming budget, which will be presented by Finance Minister Nirmala Sitharaman on February 1.
Shift to a 5-Day Work Week: A Long-Standing Demand
For a long time, bank employees and associations have been advocating for a five-day workweek. If implemented, banking staff will be required to extend their daily working hours by 40 minutes. As a result, bank branches will remain closed on both Saturdays and Sundays each week. Currently, banks operate on the first and third Saturdays of the month while remaining closed on the second and fourth Saturdays. Several rounds of discussions have taken place between the Bank Employees Association, the Reserve Bank of India (RBI), and government officials. However, final approval from the RBI and the government is still pending. Once sanctioned, the five-day work system will be enforced across all banks in the country.
More Holidays for Bank Employees
If the proposal is accepted, bank employees will benefit from eight holidays per month instead of the current six. This matter has already been discussed between bank employee unions and the Indian Banks Association (IBA), and an agreement has been reached. The proposal now awaits approval from the government and the RBI before its implementation.
Possible Challenges for Customers
A five-day workweek may present challenges for customers, particularly working professionals who rely on Saturdays to complete their banking transactions. These individuals will need to adjust and complete their banking tasks within the five-day window.
Revised Banking Hours
If the proposal receives government approval, banking hours will be extended by 40 minutes each day. Bank branches, which currently open for public transactions at 10:00 AM, will open at 9:45 AM instead. Similarly, closing hours will be extended from 5:00 PM to 5:30 PM. Currently, most banks offer public services from 10:00 AM to 4:00 PM. Bank unions assure that customer service will not be impacted, as employees will compensate for the reduced working days by extending their daily working hours by approximately 40 to 45 minutes.
