Home / India / Banks in India may remain open only 5 days a week, decision to be taken on 28 July: Report

Banks in India may remain open only 5 days a week, decision to be taken on 28 July: Report

Banks in India are likely to be open only five days a week, with proposed two day weekly offs, a decision will be made on this on 28 July. The Indian Banking Association (IBA) will likely take the decision in a meeting with the United Forum of Bank Unions (UFBU) next week on Friday, according to a report.

The United Forum of Bank Unions on 19 July said that they took up the issue of the introduction of five banking days in earlier discussion. “IBA informed that the issue is under active consideration of the various stakeholders and the same is being pursued. We asked the IBA to expedite the same so that five banking days per week is introduced without further delay,” it said.

According to a report by CNBCboth organizations are set to discuss five-day work week, salary hike and requirement of group medical insurance policies for retirees during the 28 July meeting.

Now banks are open on two Saturdays a month – the first and third Saturday banks are open in India. The UBFU has sought that working days for banks remain five days a week only, also that employees get 2 days weekly off.

The need for a five day work week came into limelight after the government implemented the rule of five working days in the Life Insurance Corporation of India (LIC).

The Finance Ministry of India had earlier informed that they have no objection to the UBFU’s demand for a five day work week for bank employees. The Indian Banking Association had sent a proposal to the government regarding this. According to the proposal, daily working time for bank employees will be increased by 40 minutes, the CNBC report stated.

Regarding the medical insurance of retired bank employees, the UBFU had said that they have agreed to offer a base policy for 2 lakh for retirees with certain ceilings and caps on bed charges/package treatments etc. This was done to ensure that the premium amount is reduced.

“Over and above this, top up scheme up to 10 lakh will be made available on optional basis,” CNBC quoted the UBFU.

It is to be noted that banks are slated to remain closed for fourteen days in the month of August this year. However, the online banking services and ATMs will remain open to the public despite holidays.

The fourteen day offs include the Saturdays and Sundays in August 2023. Apart from the days mentioned in the table below, banks will remain closed on the usual second and fourth Saturday.

DatingDayHolidayState / India
August 8TuesdayTedong Lho Run FaatSikkim
15 AugustTuesdayIndependence DayIndia
16 AugustWednesdayParsi New YearSeveral states across India
28 AugustMondayFirst OnamKerala
29 AugustTuesdayThiruvonamKerala
30 AugustWednesdayRaksha BandhanIndia
30 AugustWednesdayJhulan PurnimaOdisha

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Updated: 21 Jul 2023, 04:47 PM IST


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