Government Gears for 5 Day Banking-A Speculation
With Banking wage revision due from November 2017, there is a profound discussion going on 5 Days Banking in many groups and media houses. Some media houses have also reported that government has agreed to change the negotiable instrument act and introduce concept of 5 day banking against existing bank timings are increased by 1 hour daily. Though We would like to confirm that all these reports are speculative and no Official statement from either bank Unions or Members of IBA has come yet.
If the speculation comes out to be true this will be a huge relief for bank employees who are reeling under huge pressure and work load. 5 day working is a norm which is being followed across the world.
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Why 5 day banking poses no Threat to Indian Financial Systems
In changing times when almost every Indian has been linked to banking services, its important for regular banking services given to each Indian. In such a scenario effects of 5 day banking are being discussed. But as time has changed and digital money has come and many alternate routes of banking like ATM’s, net-banking are present, We feel 5 day banking would pose no threat to the Indian Financial Systems.
What Currently Happens:
Currently 2 Saturdays, the second and the fourth are holidays in the bank and the rest Saturdays are full working days.
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How Will it help Banks
Banking jobs has been loosing her sheen among youngsters due to which there is an acute staff shortage. There are very high attrition rates in the banking sector with many newly joined leave during probation period of within 5 years of service due to hectic work schedules and unaccounted pressures. 5 Day banking and better salaries will be a boost to the banking profiles and would encourage more and more youngsters to stay along.
