Banks may shut on all Saturdays as IBA agrees to 5-day workweek demand: Report
The first and third Saturdays are windows for Indians who are still visiting banks on a weekend in the digital age. Apart from that people need to watch out for bank holidays and strikes in the country, before planning procedures which require their presence. But now weekend visits to the local branch may not be possible, since lenders may shift to five-day work weeks.
The Indian Banks' Association (IBA) has agreed to give all Saturdays off, following discussions with the United Forum of Bank Employees, but staff will have to work for more hours per day. The government as an owner of public sector lenders and the Reserve Bank of India will also have to accept this, before they decide on new timings. The deal about working days was negotiated separately from wages, while a senior union official wasn't present.
LIC has already made the move
According to reports, 40 minutes will be added to the daily work hours for bank staff, in exchange for two additional days off. The decision follows LIC's acceptance of a five-day work week and plans for stock markets to align trading with western economies. Bankers acknowledge that while ATMs and e-banking have become primary service channels for customers, there is still a set of people who visit their local branches.
Cash deposit machines and passbook printing devices have also been installed along with ATMs, so that people can benefit from self-service.