Banks in India are considering operating only 5 days a week, decision to be taken on 28 July

Banks in India may soon operate for only five days a week, with two proposed weekly offs. The decision on this matter is expected to be made on July 28 during a meeting between the Indian Banking Association (IBA) and the United Forum of Bank Unions (UFBU).

The UFBU had previously raised the issue of introducing a five-day workweek, and the IBA confirmed that it is under active consideration by various stakeholders. The organizations will discuss this along with salary hikes and the requirement of group medical insurance policies for retirees during the upcoming meeting.

Currently, banks in India are open on two Saturdays a month. The UFBU is pushing for a consistent five-day workweek and two days of weekly offs for bank employees.

The demand for a five-day workweek gained traction after the government implemented this rule for the Life Insurance Corporation of India (LIC). The Finance ministry has no objections to the UFBU's demand for a five-day workweek for bank employees, and the Indian Banking Association has already proposed an increase in the daily working time by 40 minutes.

Regarding medical insurance for retired bank employees, the UFBU has agreed to offer a base policy of ₹2 lakh with certain ceilings and caps on charges and treatments to reduce the premium amount. Additionally, an optional top-up scheme of up to ₹10 lakh will be made available.