Implementation of 5 Days banking

The banking sector in India is experiencing significant strain due to the prolonged delay in implementing the 5-day banking week, despite an agreement signed between the Union Government and the Indian Banking Association (IBA) several months ago.

Key concerns raised by industry leaders and experts include:

High Stress Levels: Public sector bank employees are operating under immense pressure due to the current 6-day work week.
Staff Shortages: Many bank branches are understaffed, further exacerbating the workload and impacting service quality.
Increased Reliance on Digital Channels: The growing usage of digital banking channels, while offering convenience, has not alleviated the burden on existing staff.
The All India Bank Officers’ Confederation (AIBOC) has recently convened its executive body and resolved to initiate a series of actions, including a potential strike in January 2025, if the government fails to approve the 5-day banking week.

Sources indicate that the proposal for a 5-day work week has received clearance from the Department of Financial Services (DFS) and is currently awaiting final approval from the Prime Minister’s Office (PMO).