Bank 5 days Working: The debate on 5 days working for banks in India has started again. The debate on implementing 5 days working is gaining momentum again. Currently, banks work six days a week, with second and fourth Saturdays being a holiday. For a long time, there has been a demand for 5 days working for bank employees.
Bank 5 days Working: The debate on 5 days working for banks in India has started again. The debate on implementing 5 days working is gaining momentum again. At present, banks work six days a week, with holidays on the second and fourth Saturdays. There has been a demand for 5 days working for bank employees for a long time, but despite hopes of implementing it in December 2024, the proposal is still awaiting the approval of the Finance Ministry.
What is the proposal?
The Indian Banks Association (IBA), which is the largest organization of banks, and the United Forum of Bank Unions (UFBU) have proposed 5 days working several times. The scheme aims to mold functioning according to global banking regulations, improve well-being for employees and improve productivity. A Memorandum of Understanding (MoU) was signed between IBA and bank unions in December 2023, which included a proposal for 5 days working. After this, on 8 March 2024, IBA and All India Bank Officers Confederation (AIBOC) signed the 9th joint note. In this note, a blueprint was presented to implement 5 days working with holidays on Saturday and Sunday.
Impact on customers
If this proposal is implemented, customers will have to make their plans better in advance to visit bank branches. Especially in those areas where the use of digital banking is limited, customers may face problems. However, bank unions have assured that 5 days working will not have any negative impact on customer service hours. For this, the time of bank branches will be increased by about 40 minutes and digital service will be strengthened.
There are many challenges in implementing the 5 day working plan..
Regulatory approval: Approval of the Reserve Bank of India (RBI) and the Finance Ministry is mandatory for this change.
Banking service: Maintaining uninterrupted banking service in a large and diverse country like India is a big task.
Union and management consensus: It is important to reach a consensus between employees and management regarding working hours, salary and other operational changes.
How many days do banks work in other countries
In many countries like America, Britain and Australia, banks are already working on 5 days working. The inspiration for Indian banks to adopt this model often comes from these countries. However, the social and economic conditions of India are different, due to which this plan will have to be implemented carefully.
What will happen next?
Talks are going on between IBA and UFBU, but no clear signal has been received from the government yet. Rupam Roy, general secretary of All India Bank Officers Confederation, said that the union is planning a movement soon. Also, other unions and associations of UFBU have been invited to join it.
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