New Delhi: In a significant move to enhance the work-life balance for banking professionals, India’s banking sector, through the Indian Banks Association (IBA), has put forth a proposal to declare all Saturdays as banking holidays. The union finance ministry confirmed this proposal in Parliament, shedding light on the potential shift from the current two Saturdays off per month.
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Background: Current Banking Schedule
Since 2015, Indian banks have observed public holidays on the second and fourth Saturday of every month, leading to a two-day weekend. Now, the IBA is advocating for a more comprehensive five-day workweek.
Long-standing Demand from Banks
The demand for a five-day workweek has been a persistent one, particularly among public banks. The IBA, representing all categories of banks in India, including public, private, foreign, cooperative, regional rural, and all India financial institutions, has been the driving force behind this proposal.
Workforce Impact
With over 1.5 million employees in the banking sector, the proposal, if accepted, would have widespread implications. The move aims to enhance the work-life balance for banking professionals while addressing a longstanding request from the industry.
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Uncertain Future: Finance Ministry’s Response
The finance ministry, in response to queries about the proposal, did not indicate whether it has been accepted or if implementation is imminent. The lack of clarity leaves the banking community and the public in anticipation of potential changes.Possible Adjustments: Extended Working Hours
Sources suggest that if the proposal receives approval, the transition to a five-day work week may come with extended working hours during the operational days. This adjustment could be a key aspect of the restructuring, ensuring efficient banking services.
