The demand for a five-day week banking system in India has gained momentum, with the All India Punjab National Bank Officers’ Federation writing a letter to Prime Minister Narendra Modi to introduce this change for Public Sector Banks. Bankers across India have expressed their desire for a five-day work week in order to improve their work-life balance. Currently, bankers in India work under high stress and believe that a five-day week would alleviate some of the pressures they face.
Public Sector Banks, owned by the Government of India, are currently closed only on the 2nd and 4th Saturdays of each month, while organizations such as LIC, other insurance companies, RBI, and other government departments operate on a five-day week schedule. Bankers, therefore, argue that it is essential for the provisions of the Bipartite Settlement, which is pending implementation this year, to include the declaration of a five-day week.
Public Sector Banks play a significant role in the government’s ambition of achieving high economic growth and financial inclusion. They are responsible for implementing the majority of social security schemes launched by the government, and have demonstrated high profits and good results in previous quarters. The demand for a five-day week in banking is seen as a genuine need that would greatly improve the work-life balance of employees.
Furthermore, as other countries are already experimenting with four-day working weeks in offices, it is believed that it is high time for India to implement a five-day week in banking. This move would not only enhance the work-life balance of employees, but also increase the adoption of digital financial services, aligning with the government’s vision of a digital India.
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