5 Days Banking: Great News… Know the applicable date.

5 Days Banking: A long awaited demand of Bankers

As per media report, meeting was held last month between Banks Unions Forum i.e. UFBU and and IBA (Indian Bank Association).

IBA has already approved the 5 Days Banking proposal of bank’s union forum and has been sent to Finance Ministry for its final approval.

Few Days ago, Sh. Sushil Kumar Modi, member of the parliamentary committee on finance also said that the government can increase the working hours by half an hour per day from Monday to Friday quoting that it is a long pending genuine demand by bankers.

History of demand of 5 Days banking:

During the 10th Bipartite Settlement between UFBU and IBA, the demand was raised for 5 Days banking. After long discussion about pros and cons and timing details of reducing working days, it was finally implemented from 1st Sep 2015 but this was only for alternate Saturdays i.e. only for 2nd and 4th Saturday. Although it was also a historical achievement for the bank’s employees and their Unions.

Latest News about 5 Days Banking:

Indian Bank Association has already agreed for the demand of 5 days banking and for final acceptance and gazette notification, the proposal has been sent to Ministry of Finance. So as soon as the proposal is being cleared from the Ministry, the banks will also be closed on all Saturdays with 5 days banking.

There are various pros and cons of having 5 days banking for general public and  the matter has been discussed in length with IBA and UFBU.

There are news also in media that with the implementation of 5 Days banking, the opening and closing timings of bank’s branches may also be increased to compensate the public convenience to do branch’s banking.

There are news that banking hours will be extended by 45 hours overall. Although IBA has given yes for proposal for FIVE working days but still the employees are waiting for a final verdict from central government.

Pros & Cons of 5 Days Banking:

5 Days banking will help bank’s employee to maintain work life balance and in  todays scenario almost all the private and public limited enterprises are working 5 days a week and even in some countries, government is planning to have 4 days a week to giving their employees a great relief and to maintain a best work life balance.

Further, in todays digital era when almost every task of banking is online, customer will have the option to complete their banking work through various digital mode available to them through their banks.

However those customers will suffer who are still reliant on branch’s banking or not so tech savvy like pensioners or other rural based customers. But to compensate these inconvenience, the proposal has a measure with increase in working hours of branches which will definitely facilitate customers to get their work done within enhanced working timings.

Read More: Exclusive Interview with Sh. Sushil Kumar Modi on 5 Days banking

Must Read: How to avail online PNB E-GST scheme

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