New Timings of Bank Opening and Closing: As per the some corporate sector’s employees five working days in a week the Bank employees are also demanding for the 5-day work in a week, so that they can also feel relax due to heavy workload. Bank employee’s persistent demand for a 5-day work week, the long-standing idea is now expected to gain the finance ministry’s official approval by the end of December 2024 as per the media reports.
This means that instead of being open on all Sundays and the second and fourth Saturdays as they are now, bank branches will be closed on all Saturdays and Sundays. The Indian Bank’s Association (IBA) and employee unions have already reached a comprehensive agreement in this area. Unions representing bank employees have promised that this won’t result in fewer hours spent on customer service. The timing will also be changed to add over forty minutes to working hours in order to guarantee this.
- The Prime Minister’s Office and the Finance Ministry should give priority to accepting the 5-day work week plan for the well-being of bank employees.
- To further enhance the banking sector’s efficiency, according to a post on X made in September 2024 by the All India Bank Officer’s Confederation (AIBOC).
Long Hours and Zero Tolerance Policy
Long hours and a zero tolerance policy for human error characterize the demanding and high-pressure service sector of banking. The AIBOC declared that the banking industry is the one that most urgently needs a five-day workweek. “The 5-day work week increases productivity, improves efficiency, lowers work-related stress, and promotes growth across sectors globally,” the statement stated. Bank unions and the Indian Bank’s Association (IBA), which comprises both commercial and government-run lenders, inked a memorandum of understanding in December 2023. A 5-day workweek was proposed in this agreement, pending government approval.
RBI Consulted over the 5-day workweek Idea
The IBA and bank unions then signed the 9th Joint Note on March 8, 2024. IBA and the All India Bank Officer’s Confederation signed the Joint Note, which described the change to a five-day workweek with Saturdays and Sundays off. The government now has the last say, even if the IBA and bank unions have reached an agreement. The RBI and the government agreed with the IBA and declared the second and fourth Saturdays as holidays under the terms of the 10th Bipartite Settlement, which was signed in 2015.
- The Reserve Bank of India (RBI), which controls banking hours and interbank transactions, would also be consulted over the idea. The administration hasn’t set a formal timeframe for that.
- However, reports state that bank staff unions anticipate receiving the government’s warning by the end of this year or the beginning of 2025.
- Section 25 of the Negotiable Instruments Act will formally recognize Saturdays as holidays once they are adopted.
- The second and fourth Saturdays are now bank branch closure days.
- Since 2015, bank unions have been calling for all Saturdays and Sundays to be off.