Banks To Operate 5 Days A Week Soon, New Opening And Closing Times Announced

 Bank employees may soon have a five-day workweek, pending government approval. An agreement between the Indian Banks' Association and unions has been signed, proposing Saturdays and Sundays off. If approved, daily working hours will increase by 40 minutes, with operating hours from 9:45 AM to 5:30 PM.

Bank employees have been advocating for a five-day workweek for a long time. There is optimism that their demand may be fulfilled by the end of this year. An agreement concerning a two-day weekly off for bank employees has already been signed between the Indian Banks' Association (IBA) and the employees' unions. This agreement now requires government approval, which is anticipated by the end of 2024. Consequently, bank employees might be working only five days a week by December.

The forum has assured that customer service hours will not be reduced. In December 2023, a Memorandum of Understanding (MoU) was signed between the Indian Banks' Association (IBA) and bank unions, including both public and private banks.

This agreement proposed a five-day workweek, pending government approval. On March 8, 2024, the IBA and bank unions signed the 9th joint note, which, along with the All India Bank Officers' Confederation, detailed a five-day workweek with Saturdays and Sundays off.

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Although the IBA and bank unions are in agreement, the final decision rests with the government. The proposal will also be discussed with the Reserve Bank of India (RBI), which regulates banking hours and internal bank operations. No official government timeline has been set for this decision

Some bank employees indicated that they anticipate the government notification to be issued either by the end of this year or early 2025. Once approved, Saturdays will be officially recognized as holidays under Section 25 of the Negotiable Instruments Act.

According to reports, if the government approves the working day, daily working hours could be extended by 40 minutes. With this extension, bank operating hours would be from 9:45 AM to 5:30 PM. The bank working hours will be revised accordingly.

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Currently, bank branches are closed on the second and fourth Saturdays. Bank unions have been demanding holidays on all Saturdays and Sundays since 2015. Under the 10th bipartite settlement signed in 2015, the RBI and the government agreed with the IBA to declare the second and fourth Saturdays as holidays.