During the February 28th meeting between Unions and IBA, an agreement was reached to implement a five-day work week in banks. The proposal includes an increase of 40 minutes in daily working hours, allowing for cash transactions from 10 am to 4 pm and non-cash transactions up to 4:30 pm. This change will soon take effect, making banking services more accessible to customers and providing employees with a better work-life balance. Stay tuned for further updates on the implementation of the five-day work week in banks.
Bank workers in India have expressed a persistent request to have Saturdays off and work a 5-day work week. The Bank Unions are currently involved in negotiations with IBA at various levels of meetings in order to ensure this request is met.
The Indian Banks Association has become more flexible in allowing bank employees to have a five-day work week.
According to a recent circular (No. 12/2023) by the BEFI (Bank Employees Federation of India), a meeting of the UFBU was conducted virtually on 24th February 2023 to discuss the proposal of implementing a 5-day work week in banks.
All constituents except for AIBOA representatives attended this meeting. After prolonged discussions, it was unanimously decided that the Unions / Associations will stick to the UFBU suggestion of increasing 30 minutes per day to the proposal of IBA for increasing 45 minutes per day. Furthermore, it was decided that cash hours in banks will remain unchanged.
According to a new circular (No. 07/2023) received by the Federation, it has been intimated that working hours can now be increased by 40 minutes per day with cash transactions from 10 am to 4 pm and non-cash transactions until 4.30 pm. The IBA is expected to take up the matter with higher authorities and concerned stakeholders for further action.