In India, banks may now be closed five days a week, which would mean that all Saturdays might see a bank holiday. A recent idea suggests that bank staff might have a five-day work week with weekends off all year round.
This indicates that in the months ahead, there will probably be more bank holidays throughout the year. A proposal for the same is being reviewed by the Indian Banks Association (IBA) and is most likely to be approved soon.
Many people today prefer to conduct their banking online when banks are open on the first and third Saturdays of each month in the digital age. Due to a new proposal, customers may no longer be able to visit their banks on the weekends.
Banks will be closed on all Saturdays if IBA considers and approves the proposal from the bank unions across the nation for a five-day work week throughout the year, which will result in an increase in bank holidays.
But, the number of hours that bank staff must work each week may be increased to 50, which would require them to perform 10-hour shifts from Monday through Friday with Saturday and Sunday off. Although IBA has not yet endorsed this plan, the association may press for it.
The United Forum of Bank Employees (UFBEs) and the IBA are now in negotiations to adopt the five-day workweek plan for bank employees; however, no decisions have been made regarding whether or not the proposal would be accepted.