India's banking sector has submitted a formal proposal to declare Saturdays as official holidays, as per the Union Finance Ministry's announcement in Parliament today.
Responding to the question regarding the Indian Banks Association (IBA), a representative body comprising all banks in India, Minister of State for Finance, Bhagwat Karad confirmed that the IBA had indeed submitted a proposal for the implementation of a five-day work week.
IBA Consistent Push for Five-Day Workweek
The demand for a five-day workweek has remained consistent, especially among public banks. The IBA has strongly advocated for this proposition.
Since 2015, banks in India has remained closed on the second and last fourth Saturday of each month as a public holiday.
About Indian Banks Association
The IBA stands for the Indian Banks Association, which includes different types of banks in India such as public, private, foreign banks operating in India, cooperative banks, regional rural banks, and all financial institutions in India. More than 1.5 million people work in the banking sector.
However, the finance ministry has not yet indicated whether the demand has been accepted or if it will be considering in the near future.