No More Saturday Visits! Banks In India Set To Switch To Five Days Working Soon

Soon, you would not need to check which Saturday of the month it is to visit a bank. This is because banks in India will soon be switching to five day working days, i.e. Monday to Friday.

No more Saturday visit to banks as they will soon switch to five day working

india.com

Till now, banks used to work on the first and third Saturdays of the month and would remain closed on the second and fourth Saturdays. But with five day working, banks will soon begin to be closed on all Saturdays and Sundays.

The All India Bank Officers' Confederation stated in a press statement that discussions between the Indian Banks Association and the All India Bank Officers' Confederation had been successfully concluded, culminating in the signing of the 9th Joint Note on March 8, 2024.

According to the press release, ¡°The Joint Note recognizes all Saturdays as holidays, pending government notification. The revised working hours will be effective after notification by the government.¡±

They have also agreed on a 17% annual salary raise, resulting in an additional yearly outlay of around Rs 8,284 crore for public sector banks. The salary boost, which will take effect in November 2022, is expected to benefit up to 8 lakh bank workers.

When will this be applicable from?

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This will be applicable only when the government approves of the same. If it is approved all Saturdays will be notified as holidays under Section 25 of the Negotiable Instruments Act. The government will be required to declare every Saturday a holiday.

What will be the new timing for banks?

While this aspect is not fully clear yet, according to some reports, bank employees will work an additional 40 minutes per day from 9:45 a.m. to 5:30 p.m.

How will it impact regular bank customers?

This will affect bank customers who typically save their bank-related work for Saturdays. Because banks provide so many services, the main ways that many customers access their bank-related activities are now through internet banking, ATMs, and mobile banking.

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Bank employees to get 17% hike as well

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According to the All India Bank Officers' Confederation press release, ¡°The total quantum of wage revision increase (Payslip component) is more than Rs. 8284 crores being the 17% of the cost of Payslip component of establishment expenses of Public Sector Banks. With the applicable load of 3.22% the effective load on the basic pay post-merger of dearness allowance @30.38% is 4.20%. The new scales of pay ranges from Rs. 48480/- to Rs.173860/- covering all the scales from Scale I to VII, with effect from 01.11.2022.

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