Requests as long as 5 working days in the bank will be processed quickly.
The long-standing demand of bank employees for a five-day work week will be fulfilled this year. An agreement has already been signed by the Indian Banks Association (IBA) and labor unions to give bank employees two days off in a week. All that remains is approval by the government, which is expected by the end of 2024.
Labor unions, including the United Forum of Bank Unions, advocated a five-day work week, including Saturday. They have confirmed that this change will not reduce time for customers. An MoU was signed at the IBA in December 2023. It represents public and private banks and banking organizations. The agreement, which includes a proposal for a five-day work week, is based on a joint agreement signed by the IBA and the All India Bank Officers’ Federation on March 8, 2024 .
The final decision now rests with the government. This includes negotiations with the Reserve Bank of India (RBI), which regulates monetary policy and internal operations. Although there is no set date from the government, some bank officials expect the announcement by the end of this year or early 2025. Once approved, Saturday will be recognized as a holiday under Section 25 of the Mediation Act.
If a five-day work week is approved, reports indicate that daily working hours will increase. The banks will work from 9:45 AM to 5:30 PM and the time will increase by 40 minutes. Bank branches are now closed on the second and fourth Saturdays. The banking institutions have requested holidays for every Saturday and Sunday since 2015. According to the 10th agreement signed in 2015, the RBI and the government agreed with the IBA to announce the date Second Saturday and fourth weekend.
