5-Day Work Week for Banks: Is it Feasible by December 2024? Find Out the Details
5-Day Working for Banks: Will It Happen by December 2024? Here’s What We Know
Bank employee unions assure that customer service hours will remain unaffected, with daily working hours extended by about 40 minutes.
Discussions about implementing a 5-day workweek for banks have gained momentum in India. Currently, banks operate six days a week, closing on the second and fourth Saturdays. However, bank employees have long demanded a 5-day workweek.
In December 2023, the Indian Banks’ Association (IBA) and bank unions signed an agreement proposing this shift, subject to government approval. On March 8, 2024, the IBA and bank unions signed the 9th Joint Note, detailing plans for a 5-day workweek with Saturdays and Sundays as holidays.
Approval from the Reserve Bank of India (RBI) and the government is crucial for this transition. While media reports earlier hinted at approval by December 2024, no official deadline has been set. Bank unions have assured that customer service hours won’t be affected. To accommodate the change, daily working hours will be extended by approximately 40 minutes.
Implementing this in a country as vast as India presents challenges in maintaining seamless banking services. A consensus between employees and management on revised operational norms is also critical. While the proposal awaits regulatory nod, customers and employees are keenly awaiting an official announcement.
