Relief For Bankers? Employees Likely To Get 5 Working Days In Budget Session

Bank employees, long advocating for a shorter workweek, may see their hopes realized in the upcoming budget as the government mulls over their demand. A recent agreement between the Indian Banks' Association (IBA) and employee unions has sparked optimism, outlining provisions for two days off per week. However, this agreement awaits government approval, anticipated to coincide with the budget announcement. Should the proposal pass, employees could transition to a five-day workweek by year-end.

Currently, banks observe closures on all Sundays and the second and fourth Saturdays. The Bank Employees Forum reassures stakeholders that customer service will remain unaffected by the proposed changes.

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In a landmark move, a Memorandum of Understanding (MoU) signed in December 2023, involving the IBA, government bodies, private banks, and unions, set the stage for this shift. Subsequently, on March 8, 2024, the 9th Joint Note formalized terms, including Saturdays and Sundays as designated holidays under the proposed new schedule.

Looking forward, discussions with the Reserve Bank of India (RBI) will shape regulatory adjustments necessary for implementing the revised banking hours. Anticipated government notifications by year-end or early 2025 could solidify Saturdays' recognition as official holidays, under Section 25 of the Negotiable Instruments Act.

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According to insider reports, if approved, daily banking hours may extend by 40 minutes, reshaping operations from 9:45 AM to 5:30 PM. Bank unions have advocated for all weekends off since 2015, initially laid out in a bilateral agreement between RBI, the government, and IBA.