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Employees of Indian banks may soon get some good news, as their long-standing demand may get approval from the central government. For a long time, bank employees in India have been demanding a five-day week instead of the current six days. The Indian Banking Association (IBA) and the United Forum of Bank Unions (UFBU) have reached an agreement on the matter, although official approval from the central government is still pending.

When will banks work only for 5 days?

For a long time, bank employees have been demanding a five-day working week with two days off. An agreement has already been reached between the Indian Banking Association (IBA) and the United Forum of Bank Unions (UFBU). Now they are waiting for the final approval of the government. It is expected that by the end of 2024, bank employees can get the news they are waiting for. After Diwali, banks can start working only five days a week. Some sources also say that this announcement could come in early 2025, and the government will likely issue a notification about this in 2025. Under Section 25 of the Negotiable Instruments Act, Saturday may be officially declared a holiday, giving bank employees a holiday on both Saturday and Sunday.

Bank timings may also change

Apart from reducing the number of working days, changes are also expected to be made in the working hours of banks. After getting approval, banking hours will be increased by 40 minutes. After this, banks will work from 9:45 am to 5:30 pm. For reference, the United Forum of Bank Unions has been demanding a holiday on all Saturdays and Sundays since 2015. Under the 10th bilateral agreement, the IBA had successfully pushed for a holiday on the second and fourth Saturdays approved by the RBI and the government. Now, they are advocating a holiday on all Saturdays, which could be implemented by 2025.