Bank Holiday: Bank will open only 5 days in week

In a significant development, banks could get all Saturdays off and have a 5-day workweek. As per reports, having all Saturdays off was a long-standing demand made by bank employee unions. Bank Holiday: Bank will open only 5 days in week.

This has now been accepted by India’s Bank Association, and the body has forwarded the petition to The Ministry of Finance for approval. If endorsed by the ministry then this action will bring about a significant transformation in the banking sector. Operations will be streamlined over five days, allowing employees to enjoy breaks on all Saturdays as opposed to just two Saturdays a month currently.

To make up for the fewer working days, branch hours might be extended by an additional 45 minutes. Now, the representative body of management of Indian banks has forwarded the petition to the Ministry of Finance for its approval. If the Union Finance Ministry also approves it then banks will be in operation only five days a week and the employees will not have to work on 1st and 3rd Saturdays.

Bankers are confident that their proposal would get approval from the FinMin. The English Daily citing sources said, ” Based on some of the informal talks with the ministry, it seems like the government may not have an issue in accepting this request from the bankers’ union”.

Earlier this year in March, the All India Bank Employees’ Association issued a circular wherein it mentioned that the IBA agreed to enforce a five-day work week for bank employees. The AIBA also mentioned, “It has emerged that the total working hours can be increased by 40 minutes per day with cash transactions from 10 am to 4 pm and non-cash transactions up to 4-30 pm”.

Also Read: Power Cut in Udupi District on August 8, 9