Public sector bankers plan to ask Finance Ministry for 5-day week
Posted on: 19/Apr/2014 4:50:13 PM
Executives from State-owned banks seem determined to prove to the Finance Ministry that a five-day work week is feasible in the banking sector.
While the ministry turned down bankers’ earlier feelers to this end, this time round, the bankers intend to knock on its doors with a cost-benefit analysis for a five-day week.
Until now, the ministry considered that the cause of financial inclusion would suffer with a shorter week. However, the bankers feel that in this age of modern technology. A bank is accessible to customers 24/7 via alternative delivery channels such as ATMs, the internet, mobile commerce and business correspondents.
Financial Inclusion refers to mainstream banks ensuring all sections of society, in general, and vulnerable groups, in particular, have access to financial products and services at an affordable cost, in a fair, transparent manner.
The Indian Banks’ Association will carry out a cost-benefit analysis of the five-day work week pattern and the same will be placed before the ministry for its consideration. Also, a question is why bank employees should be denied the benefits of a five-day week when Central Government employees have been enjoying them for nearly three decades.
To increase efficiency in administration, the Union Government had introduced the five-day week in 1985, increasing daily working hours during the five days by an hour.
According to RBI data, there were 11,75,149 employees working in 169 scheduled commercial banks in the country as of March 2012.
It is said the five-day work week would enhance a company’s efficiency, reduce absenteeism, enhance the enterprise’s competitiveness, and retain talent.
