5-Day Work Week in Banks: New Working Hours and Schedule May Begin Soon
5-Day Work Week in Banks: New Working Hours and Schedule May Begin Soon
The Indian banking sector may soon implement a 5-day work week, aligning with the growing trend in various offices. This shift is expected to bring changes to the working hours and operational days of government and private banks. The move follows a recent agreement between the Indian Banks Association (IBA) and employee unions, raising hopes for implementation in the near future.
Employees’ Long-Standing Demand
Bank employees have been advocating for a 5-day work week for years. While the government has not yet approved this demand, the recent agreement between the IBA and employee unions indicates progress. If approved, banks will operate only five days a week, with Saturdays and Sundays designated as holidays.
Currently, banks remain closed on the second and fourth Saturdays of each month, in addition to Sundays. However, this change will provide employees with all Saturdays off, subject to final approval from the government.
Role of the RBI and Government
The Reserve Bank of India (RBI) plays a pivotal role in this decision. Since the RBI oversees banking operations, the proposal must first secure its approval before proceeding to the government. Only after the RBI’s nod will the government finalize the decision, potentially leading to an official notification soon.
Revised Working Hours
If the 5-day work week is implemented, bank working hours are likely to increase. Reports suggest daily operational hours will extend by 40 minutes, with banks opening at 9:45 AM and closing at 5:30 PM. Currently, banks operate from 10:00 AM to 5:00 PM.
Expected Notification Timeline
The government is expected to issue a notification formalizing the change shortly. If approved, Saturday will officially become a holiday under the Negotiable Instruments Act.
Summary of Proposed Changes
Work Week: 5 days (Monday to Friday)
Holidays: Saturdays and Sundays
New Timings:
Opening Time: 9:45 AM
Closing Time: 5:30 PM
The implementation of a 5-day work week will align banking schedules with global practices while addressing long-pending demands of employees.
