The government is reportedly considering the approval of a five-day working week for bank employees across public-sector banks before the model code of conduct kicks in for the upcoming general election.
Ch. Venkatachalam, General Secretary of AIBEA, shared a post on his social media platform, X (formerly Twitter), in which he wrote, "IBA invites UFBU to sign the wage revision settlement at Chennai on 11th March 2024," and included a copy of the note.
Currently, the banking sector adheres to a schedule set in a 2015 agreement, with closures on the second and fourth Saturdays every month. However, a proposed change could bring a significant shift, suggesting an additional day off for bank employees. At present, both public and private banks maintain operations on the first and third Saturdays of each month as part of their regular working schedule.
The proposed approval of a five-day work week raises questions and concerns among the public. People may be curious about its impact on businesses and productivity, while the trade and industry express worries about potential effects on their business and credit flows.
A common question arising from these discussions is how the shift would impact the general public with deposits in banks.
The United Forum of Bank Unions proposes a five-day work week which ensures that customer banking hours and total working hours for employees and officers will remain unaffected if the proposal is approved. The proposal aims to maintain existing service levels without reducing accessibility or working time. This commitment aligns with an agreement made with the Indian Banks' Association, ensuring a seamless transition without affecting operational hours. Moreover, this move aims to prioritize customer service and employee well-being while adapting to the evolving needs of the banking sector.
As part of the five-day work week arrangement, banks may consider extending daily working hours by an additional 45 minutes to offset any potential decline in productivity. Additionally, to safeguard banking operations in the country from the impact of increased holidays, banks also need to implement measures, including enhancing digital and ATM services.
At present, the banking sector, including both public and private banks, along with payment banks and small finance banks, employs a total of 1.54 million individuals. Additionally, Regional Rural Banks account for approximately 95,000 employees.
