Bank employees have been demanding a five-day workweek for a long time. If the government approves this, their demand could be fulfilled by the end of this year.
The Indian Banks Association (IBA) and employee unions have already reached an agreement on this matter.
Now, only the government’s approval is awaited, which is expected by December 2024.
Once approved, bank employees will work only five days a week, with both Saturday and Sunday off.
Government and RBI’s Role in the Decision
A Memorandum of Understanding (MOU) has already been signed between the IBA and bank unions regarding this decision. The agreement, signed in December 2023, includes both public and private banks.
Additionally, a joint note between IBA and the All India Bank Officers Confederation was signed in March 2024, outlining the five-day workweek. However, this change will only take place once the government approves it.
The Reserve Bank of India’s (RBI) role is also significant, as it controls banking hours and internal operations. Although no timeline has been set for approval, a notification could be issued by the end of 2024.
Potential Changes in Working Hours
If the government gives the green signal, daily working hours in banks may increase by 40 minutes, resulting in operating hours from 9:45 a.m. to 5:30 p.m.
Currently, banks are only closed on the second and fourth Saturdays, but with the new rule, banks will be closed on both Saturdays and Sundays.
Long-Standing Demand from Bank Unions
Since 2015, bank unions have been demanding a holiday on every Saturday and Sunday. Under the 10th bilateral agreement in 2015, the second
and fourth Saturdays were recognized as holidays. If this new proposal is approved, it will mark a significant change for bank employees, giving them weekends off to rest.
