IBA's proposal: Banks consider transition to five-day workweek

In a potential move set to restructure the banking landscape in India, the Indian Banks Association (IBA) has submitted a proposal to the Finance Ministry advocating for a transition to a five-day workweek for banks.

This proposed shift has sparked discussions and raised questions about its impending impact.

According to statements made by Bhagwat Karad, Minister of State for Finance, the Finance Ministry has officially received the proposal from the IBA.

However, Karad refrained from disclosing any specifics about the proposal's current status or whether the Ministry is actively considering its adoption.

Presently, banks in India remain closed on the second and fourth Saturdays of each month. Should the proposal for a five-day workweek gain approval, it is anticipated that bank employees' work hours may undergo alterations.

Additionally, the operational hours for customers seeking banking services are likely to be extended to accommodate the condensed workweek.

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