Standard LIC branch office timings are Monday to Friday from 10:00 AM to 5:30 PM, with cash counter hours typically closing earlier around 4:00 PM.
On the other hand, Banks are currently open 6 days a week except second and fourth Saturday. There are talks going on to implement 5-day banking. But one important point needs to be highlighted.
Under the proposed 5-day banking structure in India, daily bank operational hours are expected to extend by 40 minutes to compensate for the lost working Saturdays.
Employee working hours are expected to be from 9:45 AM to 5:30 PM. Public dealing hours will likely stretch by an extra 30 to 40 minutes in the morning or evening.
Why Will Bank Employees Have to Work Longer Hours?
If five-day banking is introduced, bank employees may have to work for longer hours from Monday to Friday to make up for the Saturdays that will become holidays. This means employees may get two more holidays every month but could have to spend more time at the bank on working days.
In comparison, LIC branch offices generally have fixed working hours from around 10:00 AM to 5:30 PM, while cash counters usually close earlier. This raises a simple question: if LIC can operate with fixed daytime hours, why do bank working hours need to be increased under five-day banking?
Many bank employees may expect the working hours of banks to be kept similar to other financial institutions such as LIC. The main purpose of five-day banking is to provide a better work-life balance while maintaining banking services. Therefore, the issue of longer daily working hours is likely to remain an important point in the discussion over five-day banking.
