The banks in India now may work 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. 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 holiday.
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, bank employees work on alternate Saturdays.
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.
FAQs on bank Holiday on Saturday:
Q1: How would the proposal impact customers who need to visit bank branches over the weekend?
If the proposal for a five-day work week is approved, Indian banks may be closed on Saturdays, which could impact those who require banking services over the weekend. However, some banking services may still be available through online or mobile banking platforms.
Q2: When will the proposal for a five-day work week be approved?
It is unclear at this time whether the proposal for a five-day work week will be approved or not. The IBA is currently in talks with the United Forum of Bank Employees (UFBEs) regarding the proposal, and further updates are expected in the coming week.
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