How 5-day workweek for Indian banks will affect consumers
What's the story
India's banking sector is examining a proposal for a transition to a five-day workweek. Currently, employees work six days a week.
The Indian Banks' Association (IBA) as well as the bank unions are reviewing this idea, which aims to improve the work-life balance of bank employees.
However, the proposal still needs government approval before it can be implemented.
Concerns
Potential impact on consumers and banking services
The proposed five-day workweek has left consumers questioning its potential impact on their banking experience.
Some customers have expressed concerns about possible long lines, and service delays if the banks were to close an extra day each week.
However, industry experts suggest this could lead to a greater emphasis on digital banking and mobile apps.
Plans
Strategies to mitigate disruptions in banking services
To counter potential disruptions due to longer closures, several strategies are being considered.
These include extension of the working hours, improving digital and ATM services, and possibly the introduction of appointment systems.
There are suggestions that the working hours could be adjusted from 9:45am to 5:30pm every day, i.e. an increase of 50 minutes each day.
Transition
Shift toward digital banking and mobile apps
The proposed shift to a five-day workweek could lead to even higher reliance on digital banking.
As a result, customers might resort more to online banking activities such as bill payments, money transfers, and account management.
Additionally, mobile apps could become more prevalent for meeting banking needs while on the move.