According to sources cited by CNBC Awaaz, government banks in India are expected to have a five-day work week approved by the Finance Ministry soon.
The Indian Banks Association (IBA) and the United Forum of Bank Employees (UFBEs) have reportedly agreed in principle to this proposal. However, to compensate for the shorter work week, the total working hours of employees are expected to be increased by 40 minutes per day. Currently, bank employees in India work on alternate Saturdays, with banks remaining open on the first and third Saturdays of every month.
The IBA has reportedly submitted a proposal to the government requesting the approval of the five-day work week. The notification for the change in working hours can soon be issued along with wage board revisions, according to the report.
Overall, this proposal, if approved, is likely to be a significant development for bank employees in India, as it would improve their work-life balance and provide them with more leisure time. However, customers may need to adjust their banking habits and ensure that they visit their bank on the days it is open.