5-day work week in Bank:  Soon Bank customers won’t be able to visit the bank on Saturdays for their work! Banks in India may soon change their operational schedules. Currently, the banks remain closed on the second and fourth Saturdays and are operational on the first and third Saturdays.

According to an ET report, the Indian Banks Association (IBA) and the All India Bank Officers Confederation have acceded to shift to a five-day working week. Bank employees will soon be able to switch to a Monday-to-Friday schedule, which means the bank will remain closed every Saturday and Sunday.

According to the report, the decision was finalized on March 8, 2024, with the signing of the 9th Joint Memorandum.

According to the press release, the joint note recognizes all Saturdays as public holidays subject to government notification. The revised working hours will come into force after notification by the government.

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Salary hike for Bank employees

The organisation have agreed to a 17% annual salary hike, which will cost public sector banks an additional Rs 8,284 crore a year. The increase, effective from November 2022, is expected to benefit up to 800,000 employees of the banking sector.

5-day work week needs government approval

The implementation of a 5-day work week will be subject to government approval. Once approved, banks will remain closed on Saturday and Sunday. Saturday will be recognised as an official holiday for banks.

Section 25 of the Negotiable Instruments Act obliges the government to declare every Saturday a public holiday. Government-owned public sector banks have jurisdiction in this regard. In addition, the RBI approval is significant as it streamlines the timing of several interbank operations.

What would be timing for bankers

Under the new schedule, bank employees will have to extend their work by 40 minutes from 9:45 a.m. to 5:30 p.m., under the revised working hours, according to reports.

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