IBA nod for five day work week for banks, waits for Fin Min endorsement

After nearly a year of persistent efforts from various bank employee unions, the implementation of five days banking appears to be on the horizon.

Recent reports from reliable sources indicate that substantial progress was made during a crucial meeting held on July 28 by the Indian Banking Association (IBA), a representative consortium of Indian bank managements. Notably, the longstanding industry demand to recognize all Saturdays as official bank holidays, a proposition advocated by bank employee unions, seems to have gained traction within the industry body. Currently, this proposition has been forwarded to the Ministry of Finance for the necessary approval.

Should the proposal receive the green light, it would signify a significant shift in bank operations, with branches operating exclusively for five days each week, specifically from Monday to Friday. However, it is worth noting that the daily working hours at these branches might be extended by an additional 45 minutes.

Despite inquiries made via email, the IBA has yet to confirm these developments at the time of press. Nevertheless, high-ranking officials within both private and public sector banks have affirmed that the agenda to designate Saturdays as holidays received approval during the recent IBA meeting. These officials, well-versed in the situation, also revealed that the matter has been elevated to the finance ministry for the final necessary endorsement.

Banking industry insiders are optimistic that the proposed change will receive the necessary validation from the finance department in the near future. According to reliable sources, informal discussions with the ministry suggest that the government is likely to respond favorably to the bankers' union request, indicating a positive outcome for this long-debated issue."