BANKS MIGHT REMAIN CLOSED ON ALL SATURDAY & SUNDAY In India

Banks across the country might remain shut for all Saturdays. At present, banks are at off only on second and fourth of every month. In future, it will get increase that all Saturdays of the month will be off for every bank across the country.

BANK UNION’S PROPOSAL TO THE IBM:

The bank unions across the country has submitted a proposal to the Indian Bank Association (IBA), for five days of working in a week and 2 days off  throughout the year.  If IBA accepted their proposal and considered to approve it, then the banks will get off in weekends with 5 days of working on weekdays and it will lead to an increase in bank holidays.

If the proposal get approved, the employees might get off for 2 days in weekend and their working hours might be increased to 10 hours to compensate the work should be done during the weekend, but the proposal of increasing working hours also not yet get approved by IBM.

Increase in technology, makes people to complete their financial work digitally. In this case, people preferring online banking won’t get affected, but people visiting the bank for their financial service will definitely get affected during the weekend because of this proposal.

Currently, the proposal is under review by the IBM and the discussions are going on between IBM and United Forum of Bank Employees (UFBEs). It is likely to be get approved soon and the results and updates on this issue are expected in the coming weeks.

Here we can discuss about the Positive and Negative impacts going to arise in the result of this new concept,

POSITIVE IMPACT:

Allows bank employees to rest:

Bank employees work long hours and have demanding jobs, so having a weekend off can allow them to recharge and come back to work refreshed and ready to perform their duties effectively.

Reduces stress and burnout:

A weekend break can also help to reduce stress and prevent burnout among bank employees. This, in turn, can improve their job satisfaction and overall productivity.

Enables maintenance and upgrades:

With banks closed over the weekend, it provides an opportunity for maintenance and upgrades to be carried out on the bank's systems and infrastructure. This can help ensure that the bank's services are up-to-date and running smoothly when they reopen.

Encourages financial planning:

Knowing that banks are closed over the weekend can encourage people to plan their finances better, such as withdrawing cash or making transfers in advance.

NEGATIVE IMPACTS:

Delays financial transactions:

With banks closed over the weekend, financial transactions may be delayed, which can be inconvenient for customers who need immediate access to their funds.

Creates a backlog of work:

When banks reopen on Monday, they may have a backlog of work to process, such as deposits, withdrawals, and loan applications, which can result in longer wait times and slower service.

Disrupts international transactions:

As banks in different countries may have different weekend schedules, it can make it challenging to process international transactions efficiently.

Limits accessibility:

For customers who rely on physical bank branches for their banking needs, having banks closed over the weekend can limit their accessibility and may be inconvenient.