Indian Banks Association considers 5-day work week for bank employees

The Indian Banks Association (IBA) is said to be considering bank unions’ demand for a five-day work week, sources aware of the development said. But the working hours could be increased by 50 minutes each day to compensate for the lost hours.

“They (IBA) are favourably considering it,” S Nagrajan, general secretary, All India Bank Officers Association, told Business Standard.

If the proposal gets IBA’s nod, it will be sent to the finance ministry and subsequently to the Reserve Bank of India’s (RBI) for approval.

Currently, bank employees have to work full day on alternate Saturdays of every month. So, banks have holidays on the second and fourth Saturday of every month and on every Sunday.

Last year, the All-India Bank Employees Association had written to the IBA proposing that daily work hours could be increased by 30 minutes to implement the five-day week.

The bank unions, at the onset of the pandemic, had first demanded for a five-day work week, which was subsequently rejected by the IBA.

In the meantime, LIC implemented a five-day work week for its employees.