Bank holiday alert: Banks to be shut every Saturday? IBA might grant 5-day work week for bank employees

The banks in India may soon function for five days every week, meaning that the banks might remain closed on all Saturdays. According to a new proposal, bank employees might get a five-day work week, with the weekend offs throughout the year.

This means that the number of bank holidays across the year is likely to increase in the coming months, according to a report by News18. The Indian Banks Association (IBA) is reviewing a proposal for the same, which is likely to get approval soon.

During the digital age, many prefer to do their banking online while the banks remain open on the first and third Saturday of every month. Now, people might not have the option of visiting their banks during the weekend due to a new proposal.

The bank unions across the country have submitted a proposal for a five-day work week throughout the year, which means that banks will be closed on all Saturdays if IBA considered and approves their proposal in the near future, leading to an increase in bank holidays.

However, the working hours for bank employees might be increased to 50 hours per week, meaning that they will have to pull 10-hour shifts Monday to Friday, with Saturday and Sunday off. This proposal has not been approved yet by IBA, but might get a push by the association.

Currently, talks are going on between the IBA and United Forum of Bank Employees (UFBEs) to approve the five-day workweek proposal for bank employees, but no comments have been made on if the proposal will be approved or not.

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