Bank employees in India may soon be required to work only five days per week. While the Indian Banking Association (IBA) has already approved a five-day work week, approval from the Ministry of Finance and the Reserve Bank of India is still pending. Banks are currently open on the first, third, and fifth Saturdays of each month, with the second and fourth Saturdays off. They used to be open for business six days a week until 2015. With the majority of customers transacting digitally these days, the number of people visiting banks in person has decreased dramatically. As a result, banks no longer see the need to remain open six days a week.
According to the Times of India, long-established private-sector banks as well as government-owned banks are demanding a 15% pay increase for all employees. While the IBA has proposed a 15% rise, unions will continue to press for a higher rise as well as other benefits.
According to reports, Punjab National Bank (PNB) has already budgeted for a 15% pay increase rather than a 10% rise.
Bank employees and unions are demanding higher pay because banks have recently made profits thanks to the efforts of their employees and their hard work in promoting schemes even during the pandemic.
The wage agreement is expected to be reached before the 2023 Lok Sabha elections.