Indian banks want all Saturdays off, FinMin confirms in Parliament Winter session

India’s banks have proposed to declare all Saturdays as banking holiday, the union finance ministry confirmed in Parliament today.

Responding to a question on whether the Indian Banks Association (IBA), a representative body of all banks in India, has demanded the implementation of a five-day work week, minister of state for finance Bhagwat Karad said the IBA had indeed submitted a proposal to this effect.

Since 2015, banks in India have been shut on the second and last fourth Saturday of every month as a public holiday.

The demand for a five-day work week has been a long standing one of banks, particularly the public ones.

The IBA membership comprises all public and private banks in India, foreign banks that have offices in India, as well as all cooperative banks, regional rural banks and all India financial institutions. The workforce employed in the banking sector is estimated at over 1.5 million.

The finance ministry reply did not indicate whether the demand has been accepted or whether it could be anytime in the near future.

If accepted, the move may come with extended hours during the five-day working week, sources added.