Various banks in India since 2015 have observed public holidays on the second and last fourth Saturdays of every month.
New Delhi: Private and public sector banks demanded a 5-day work week and have submitted a proposal to the Centre to declare all Saturdays as official holidays, according to confirmation from the Union Finance Ministry in Parliament.
Replying to queries about the Indian Banks Association (IBA) seeking the implementation of a five-day work week, Minister of State for Finance, Bhagwat Karad said that the IBA had indeed submitted a proposal to this effect.
However, the reply from the finance ministry did not specify whether the proposal had been accepted or if it might be considered in the near future.
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Various banks in India since 2015 have observed public holidays on the second and last fourth Saturdays of every month. Notably, the demand for a five-day work week has been a prolonged one, particularly from public sector banks.
Notably, the IBA represents various banks in India, including public and private banks, foreign banks with a presence in India, cooperative banks, regional rural banks, and all Indian financial institutions. The banking sector employs over 1.5 million individuals.
If granted, the transition to a five-day work week could potentially be accompanied by extended working hours during the operational days.
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If implemented, the proposed change is poised to reshape the banking industry’s operational landscape, with implications for both employees and customers.
