In light of work conditions, increasing stress levels, and the rising number of workdays worldwide, unions have advocated for a 5-day banking week in India, considering the increasing operation and availability of 24×7 banking services through wireless phones and laptops. This demand has been accepted by the Indian Bank Association on principle, and a recommendation has been made to the Financial Supervision Department of the Finance Ministry for its approval.
In India, public sector banks typically remain closed on Saturdays, which can confuse customers planning their travels. Recently, there have been confusing reports about possible changes in the five-day workweek. So, is the bank open today? Here, we are dispelling your misconceptions so that your banking journeys are hassle-free. Formal confirmation of changing the bank’s working hours to a five-day workweek has not been made yet. Currently, banks adhere to a regular calendar and observe holidays on Sundays, as well as on alternate Saturdays.
Interestingly, banks in India have been granting representatives official leave on every second and fourth Saturday since around 2015. After signing the bilateral agreement with RBI as part of the 10th bipartite settlement, it’s mandatory for all Indian banks to do so. Providing two additional Saturdays off per month, this change was effective from 2015. This opportunity is mandatory and applies to all public and private banks in the country. So far, banks work on the first, third, and fifth Saturdays of the month, and remain closed on the remaining two Saturdays.
While the proposal has been presented, no clarification has been given whether it has been accepted or it’s understood that it will be considered at some point in the near future. According to the TOI in October this year, if changes are implemented, it could result in an increase in the number of working hours for employees during the week. Essentially, this would mean representatives would have to work five days a week, but they would need to extend their working hours by 40 minutes each day.