5 days Banking Updates
The Indian Banks’ Association (IBA) has displayed a lenient stance towards the demand for implementing a five-day work week with two days of weekly holiday for banks.
Proposal for 5 day work week for banks: It is anticipated that this proposal could gain approval from the Ministry of Finance and RBI, as this system is already operational in the corporate and private sectors.
New Delhi: Bank employees have been pushing for the declaration of a five-day work week for quite some time. As per reports, the Indian Banks’ Association (IBA) has adopted a conciliatory approach to this matter and is expected to present this proposal to the Central Government shortly. Upon receiving the approval, the five-day work week with two days off system can be put into effect.
In many corporate offices located in metro cities across the country, the arrangement of working for five days and having two days off per week, as per the convenience of the employees, is already in place. Under this system, the employees work for approximately nine hours each day instead of the standard eight hours. Bank employees have been demanding a similar system to be implemented in the banking sector for a prolonged period.
As per the circular issued by the All India Bank Employees Union, the Indian Banks’ Association (IBA) is deliberating the demand for a five-day work week in banks from bank unions. However, instead of the proposed system, the total working hours per day would be extended by 40 minutes. An agreement was reached between the unions and the IBA in this regard on February 28, 2023.
Proposal for Non-Banking Work in Additional 40 Minutes
During the bank union meeting with the Indian Banks’ Association (IBA), it was proposed that bank employees’ total working hours could be extended by 40 minutes each day with cash transactions from 10 am to 4 pm. The non-cash transaction work would be carried out in the additional time created. The IBA is expected to present this proposal to the Ministry of Finance, and subsequently to the Reserve Bank of India (RBI), for approval.
It is projected that this proposal could be sanctioned by the Ministry of Finance and RBI, as it is already being practiced in the private and corporate sectors. However, implementing this system in the government banking sector presents its own set of challenges that will be taken into consideration by the central bank and the ministry.
The proposal for a five-day work week for banks with no banking on Saturdays is gaining momentum in India. The Indian Banks’ Association has shown a willingness to consider this proposal, which is already in force in the corporate and private sectors. However, implementing this system in the government banking system will have its own set of challenges, which will be considered by the central bank and the ministry. If the proposal is approved, it will be a welcome change for bank employees who have been demanding this for a long time. The move will also help banks to improve their efficiency and productivity by ensuring a better work-life balance for their employees.
