5-Day Working For Banks: Will it be possible to have a 5-day week in banks by December 2024? Know the details

The debate on implementing a 5-day work week for banks in India has started once again. Currently, banks work six days a week, remaining closed on the second and fourth Saturdays. However, there has been a long-standing demand from bank employees to adopt a 5-day work week.

In December 2023, the Indian Banks Association (IBA) and bank unions signed an agreement that included a proposal to adopt a 5-day work week for banks. However, this is subject to government approval. On March 8, 2024, the IBA and bank unions signed the 9th joint note, outlining the plan to switch to a 5-day work week. Apart from this, the plan also included Saturday and Sunday off.

Earlier, media reports suggested that the long-standing demand of bank employees for a 5-day work week could get final approval from the Finance Ministry by the end of December 2024. So far, this demand seems to be rejected. As of now, no official timeline has been announced by the government on this matter. It will be interesting to see when the ministry officially approves this proposal.

5-Day Work Week for Banks: What's in it for Customers?

Bank employee unions have promised that the change to a 5-day work week will not affect customer service hours. To do this, banks will extend their daily working hours by about 40 minutes.

Challenges Ahead

Regulatory Approval: Approval from the Reserve Bank of India (RBI) is the most important aspect of this development.

Smooth Banking Services: In a vast and diverse country like India, implementing a 5-day work week can be quite challenging for banks. This can potentially make it difficult to maintain seamless banking services.

Unions and Management: Reaching a mutual consensus between workers and management on working hours, wages and other operational changes is crucial for its implementation.