Indian banks likely to adopt 5-day work week
A long-awaited shift in the work schedule for bank employees may soon become a reality, potentially transforming their work-life balance (Photos: Palak/MIG)
A long-awaited shift in the work schedule for bank employees may soon become a reality, potentially transforming their work-life balance.
Reports suggest that the agreement reached between Indian Banks Association (IBA), which clubs together all leading public and private sector banks, and employee unions, may receive approval from the finance ministry for the implementation of a five-day work week by the end of this year.
In December 2023, a memorandum of understanding (MoU) was signed between IBA and bank unions. This agreement included the said proposal for a five-day work-week, subject to government approval.
Later, on March 8, 2024, a joint note was signed by the IBA and bank unions, outlining the transition to a 5-day week with Saturdays and Sundays off.
This move, which has been under discussion for some time, could mark a significant change in the banking sector. At present, bank branches remain closed only on the second and fourth Saturday of the month.
The union has assured the authorities that changes in schedule once implemented will not affect the total customer-service hours or the productivity of the banks. To ensure this, the timings will be revised to extend the working hours by 40 minutes every day during the five week-days.
Despite the agreement, the final decision rests with the government. The proposal will also be reviewed in consultation with the Reserve Bank of India (RBI), which oversees banking hours and interbank operations.
A long-awaited shift in the work schedule for bank employees may soon become a reality, potentially transforming their work-life balance.
Reports suggest that the agreement reached between Indian Banks Association (IBA), which clubs together all leading public and private sector banks, and employee unions, may receive approval from the finance ministry for the implementation of a five-day work week by the end of this year.
In December 2023, a memorandum of understanding (MoU) was signed between IBA and bank unions. This agreement included the said proposal for a five-day work-week, subject to government approval.
Later, on March 8, 2024, a joint note was signed by the IBA and bank unions, outlining the transition to a 5-day week with Saturdays and Sundays off.
This move, which has been under discussion for some time, could mark a significant change in the banking sector. At present, bank branches remain closed only on the second and fourth Saturday of the month.
The union has assured the authorities that changes in schedule once implemented will not affect the total customer-service hours or the productivity of the banks. To ensure this, the timings will be revised to extend the working hours by 40 minutes every day during the five week-days.
Despite the agreement, the final decision rests with the government. The proposal will also be reviewed in consultation with the Reserve Bank of India (RBI), which oversees banking hours and interbank operations.
