Fact Check: Will Banks In India Be Closed On All Saturdays?
New Delhi: Banks in India are closed on second and fourth Saturdays of every month since 2015.
Soon, every Saturday could be a bank holiday.
India’s banking sector has formally proposed a five-day week, Union Minister of State for Finance Bhagwat Karad confirmed on Wednesday.
Responding to queries in Parliament on the first day of Winter Session, Karad said that the Indian Banks Association (IBA) had, indeed, submitted a five-day proposal.
Over 1.5 million people earn their livelihood through employment in India’s banking sector.
The IBA represents public and private banks, foreign banks with a presence in India, cooperative banks, regional rural banks as well as all Indian financial institutions.
This is not the first time that banks have demanded a five-day work week.
If the Union government finally gives its nod to the proposal, it will reshape banking sector’s operational landscape, with implications for both employees and customers. For a five-day week to be materialise, working hours are likely to be extended from Mondays to Fridays to cope with millions of customers across the country.
The Finance Ministry didn’t specify whether IBA’s proposal had been accepted or is being considered.