Bank Holidays Update: In a recent meeting, the Indian Banking Association (IBA) gave its nod to a significant change – the introduction of a five-day working week for bank employees. This proposal, which has long been on the wish list of bank workers, is now awaiting final approval from the Finance Ministry. If greenlit, this change will grant bank employees a two-day weekend, a departure from the current system of having Sundays off and observing banking closure on the second and fourth Saturdays of each month.
The move toward a two-day weekend marks a shift from the previous practice, which saw banks operational six days a week, including all Saturdays, until 2015. Under the proposed arrangement, banks will function from Monday to Friday, albeit with slightly extended daily working hours, adding 45 minutes.
The evolving landscape of banking, driven largely by digitalization, has prompted this change. Approximately 80% of transactions are now conducted digitally, reducing the need for physical branch visits. Branches primarily focus on addressing customer concerns, with occasional visits required only for specific agreements necessitating customer signatures.
Informal discussions suggest that the Finance Ministry is likely to grant approval swiftly, as the government appears amenable to this request from the bankers’ union. Following Finance Ministry approval, the proposal will be forwarded to the Reserve Bank of India (RBI) for the final go-ahead. Stay tuned for updates on this potential transformation in the banking sector.
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