Currently, the banks remain closed on the second and fourth Saturdays of the month.
The Indian Bank Association (IBA) has greenlit a proposal to designate every Saturday as a day off for bank employees, subject to approval from the finance ministry, reports say. Presently, banks are closed on the second and fourth Saturdays of each month, but the IBA’s decision, if approved, would lead to a five-day workweek for banking professionals.
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According to The Hindu BusinessLine, a meeting held by the IBA on July 28th discussed the demand put forth by bank employees to declare all Saturdays as holidays. The association subsequently endorsed the proposal, sending it to the finance ministry for final clearance.
Should the proposal secure approval, banks would operate from Monday to Friday, with the possibility of slightly extended daily work hours, potentially increasing by 45 minutes. Although an email sent by the website to the IBA for comment remains unanswered as of press time, key executives from both private and public sector banks have confirmed that the IBA nodded in agreement to the plan during the last meeting. This crucial decision has now been elevated to the finance ministry for the ultimate green light.
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Banking professionals remain optimistic that the finance ministry will support the proposal, paving the way for the transition to a five-day working week. As of now, bank branches operate on the first, third, and fifth Saturdays of each month. However, this was not always the case. Prior to 2015, banks functioned six days a week, encompassing all Saturdays.
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Earlier this year in March, the All India Bank Employees’ Association issued a circular disclosing that the IBA had consented to the concept of a five-day workweek for bank employees. The circular also mentioned the possibility of extending working hours by 40 minutes each day, enabling cash transactions from 10 am to 4 pm and non-cash transactions until 4:30 pm. Despite various meetings surrounding the potential implementation of a shorter work week, tangible results have remained elusive.
