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The buzz around banks potentially shifting to a 5-day workweek has sparked widespread interest among customers and employees alike. This longstanding demand by bank unions may bring about changes in bank holidays and working hours.

Currently, banks are closed on Sundays and 2nd and 4th Saturdays, with operations on alternate Saturdays. However, bank employees are advocating for a Monday-to-Friday schedule, making all Saturdays and Sundays holidays, effectively increasing monthly holidays from six to eight days.

To compensate, working hours may be extended by 40 minutes daily, with branches operating from 9:45 AM to 5:30 PM. The unions assure that these changes won’t impact customer services.

• A joint note between the Indian Banks Association (IBA) and bank unions, signed in March 2024, includes the 5-day workweek proposal.
• Implementation requires the approval of the Ministry of Finance and the Reserve Bank of India (RBI).

While discussions continue, the All India Bank Officers Confederation (AIBOC) has expressed frustration over the delay. According to AIBOC General Secretary Rupam Roy, there’s been no signal from the government, prompting unions to plan a movement to prioritize this issue.

Although hopes were high, the likelihood of implementing the 5-day workweek in December 2024 appears slim. Unions are urging the government to expedite the decision, highlighting benefits for both employees and the banking sector’s efficiency.

Banking hours and weekly schedules may change if the proposal is approved. Until then, customers and employees will need to wait for further updates. Stay tuned!