Will banks open only 5 days a week? Major in-person meeting on the demand coming soon

The first high-level meeting regarding the demand for a five-day work week and Saturdays off in banks has taken place. Find out what transpired in this meeting, when the next in-person meeting is scheduled, and how this might impact customers.

If you plan to visit a bank on a Saturday for any banking-related task, this arrangement might change in the near future. Bank employees have long demanded a five-day work week with all Saturdays off. Discussions regarding this demand have now reached the next stage.

A high-level committee formed by the Indian Banks' Association (IBA) and the United Forum of Bank Unions (UFBU) held its first meeting on October 1. The committee has agreed to hold a full-day, in-person meeting on this issue soon.

What happened regarding 5-day banking?

A 12-member high-level committee has been constituted to address the demand for a five-day banking week. It was formed following an agreement reached between the IBA and the UFBU on September 29. The committee's first meeting took place on October 1, paving the way for further discussions on issues related to transitioning to a five-day banking system. Bank unions are hopeful that the committee will formulate a clear roadmap to implement this system as soon as possible.

Major in-person meeting to be held soon

The UFBU has stated that merely forming a committee does not automatically implement the system. The concerns of various stakeholders and other related issues require detailed discussion. Consequently, the unions proposed convening a full-day, in-person meeting at the earliest. The committee has agreed to organize such a meeting soon. Further details will emerge following the discussions.

What is the current arrangement for Saturdays in banks?

Currently, bank branches generally remain closed on Sundays and on the second and fourth Saturdays of the month, while they remain open on the first, third, and fifth Saturdays. If a five-day banking system is implemented, all Saturdays would become holidays, and bank branches would operate only five days a week.

Will banks start remaining closed on all Saturdays immediately?

No. The five-day banking system has not yet been implemented. The formation of a high-level committee and its inaugural meeting are part of the process of discussing this demand. The government has not issued any official notification declaring every Saturday a holiday for all banks. A purported government order claiming that banks would remain closed on all Saturdays had gone viral on social media, but PIB Fact Check has dismissed it as fake.

How will this affect bank customers?

If the five-day banking system is implemented in the future, customers will not have the option of visiting bank branches on Saturdays for in-person transactions. However, many tasks can still be performed online via digital banking services, just as before. For now, the existing banking calendar remains in effect; therefore, customers should verify the holiday schedule of their specific bank and branch before visiting on a Saturday.