Some big changes have been presented which would revolutionize the working days; however, till now there are definitive stillness. It is quarantined in the search of progress. But amidst many discussions, cool heads are looking to surface a sane five-day work week for local banking.
Thus, if this idea catches up, all the banking activities would be stifled for all days on Saturdays and Sundays. An idea floated to stiffen up the banks may be final in the next few days. It is surely going to have a great impact on customers, employees, and business transactions in the country.
The Reasons for Its Being Considered:
The bank employee unions have been demanding a five-day working week throughout the long years. Using global banking norms as a reference model, they say the existing working schedule is fraught with long working hours, increased workload, and decreased productivity for the banks. A number of internationally spread banks have been pursuing a model of five working days, and now our Indian banks are joining the club.
The Indian Banks’ Association (IBA) has been in talks with the Finance Ministry for quite some time, and the proposal is awaiting final approval. Employees may gain partially from an improved work-life balance, while banks intend to utilize the occasion for increased operational efficacy.
Expected Date of Introduction of New Weekly Day Off Policy
Though the final notification states otherwise, it sounds more likely that the new calendar shall take effect at the start of the coming year. Being recognized, public and private banking institutions will all observe week schedules equally. Presently, banks have holidays observed on the second and fourth Saturdays only, but the stated deep-rooted amendment practises would observe all Saturdays and Sundays as holiday.
Effects on Banking Services and Customers
In this amended scenario, on Saturdays to Sundays, weekends, customers would overtake traffic during week days, which would justify internet banking override even further; also, online fund transfers, ATM withdrawals, UPI payments, mobile banking apps for all days of the week, and net banking are on a 24/7 standing.
Customers needing to complete branch work will have to plan their visits well in advance, especially with the need for physical verification, papers being deposited, and similar business.
Commercial establishments that include traders, small or medium enterprises, and service providers all have to make changes to the new timing. Nevertheless, experts are optimistic that the transition will be smooth given that digital transactions are the way of things in various financial activities.
Conclusion
All Saturdays and Sundays off will mark a big change in Indian banking. It would mean that a newer, more worker-friendly, and efficient scenario for banking would transpire once the notification stands signed and issued by the government.
