The Indian banking sector is abuzz with the proposed shift to a 5-day work week for employees. This proposed initiative, aimed at improving work-life balance for bank staff, has many customers wondering: will it lead to longer wait times and disrupted banking services?
While the Indian Banks’ Association (IBA) and bank unions have agreed, the government hasn’t approved the proposal yet. Here is the potential impact of shorter bank work week on customer experience.
Fewer Work Days, More Planning?
With banks potentially closing on Saturdays, some fear longer queues and delays during weekdays. However, analysts say this might encourage a greater emphasis on online banking and mobile apps.
They also said all these banks may have to take some steps to ensure that the increased number of holidays doesn’t impact banking operations in the country. This could involve stepping up digital and ATM services alongside extending daily working hours.
According to reports, the banks will revise their working timings. The new working hours could be from 9:45 AM to 5:30 PM, resulting in an additional 40 minutes per day to offset the loss of work from the additional day off.
What Customers Might See
Increased Focus on Digital Banking: Banks might incentivise online transactions through faster processing, extended online banking hours, and improved user interfaces to make them more user-friendly.
Appointment-Based Services: Complex transactions requiring personal attention could move towards an appointment system, ensuring dedicated time for each customer.
Adjusted Weekday Hours: Banks might adjust weekday timings to compensate for closed Saturdays, potentially offering longer evening hours.
Tips to Prepare for the Potential Change
Embrace Digital Banking: Familiarise yourself with online banking features for bill payments, transfers, and account management.
Utilise Mobile Apps: Download your bank’s mobile app for on-the-go banking needs like checking balances and making quick transfers.
Plan Ahead: Schedule appointments for complex transactions that require in-person assistance.
Consider Off-Peak Hours: Visit branches during weekdays outside peak lunch hours to minimise wait times.
5-Day Work Week for Banks: The Timeline and the Current Status
In December 2023, a memorandum of understanding was signed between the Indian Banks’ Association (IBA), which includes both government-run and private lenders, and bank unions. This agreement included a proposal for a 5-day workweek, subject to government approval.
Subsequently, on March 8, 2024, the 9th Joint Note was signed by the IBA and bank unions. The Joint Note, signed by IBA and the All India Bank Officers’ Confederation, outlined the transition to a 5-day week with Saturdays and Sundays off.
While the IBA and bank unions have agreed, the final decision lies with the government. The proposal will also be discussed with the Reserve Bank of India (RBI) as it regulates banking hours and interbank activities. There’s no official deadline announced by the government on that.
However, few bank employees told news18.com that they expect the notification by the government by the end of this year or early 2025.
Currently, bank branches are closed on second and fourth Saturdays.
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