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Bankers’ Demand for More Holidays: If Approved, Will It Affect Your Saving?

Submitted by admin on March 9th, 2024

IBA’s Demand for More Holidays

Indian Bank Association or IBA has requested the finance ministry to approve their demand for a five-day working week and implement the schedule. Currently, bank employees get holidays on the 2nd and 4th Saturdays of each month, which means the 1st and 3rd Saturdays are working days. According to the central bank’s approved holidays in 2024 for bank employees, they will have 84 days off, including the second and fourth Saturdays and all Sundays. These days, banks will remain closed regionally or across the country.

Regional holidays will include,

1.  Lohri
2.  Sankranti
3.  Pongal
4.  Thiruvalluvar
5.  Tusu Puja
6.  Holi
7.  Dol Yatra
8. Ugadi
9. May Day/Maharashtra Day
10. Maharana Pratap Jayanti
11. YMA Day
12. MHIP Day
13. Vinayaka Chaturthi
14. Nuakhai
15. Ramdev Jayanti
16. Indra Jatra
17. Haryana Day

If the Reserve Bank of India approves IBA’s demand for declaring all Saturdays as Bank Holidays, it means common people’s money in the banks will experience ‘rest’ for more than 150 days a year.

Why Do Banks Need More Holidays?

The most pertinent question in this context is why bank employees demand more holidays. There is no doubt that bankers have a stressful job. However, heart surgeons, oncologists, professors, firefighters, and many people from other professions also come under stress due to the immense responsibilities that their job demands.  Even a housewife has to juggle many hats efficiently and so, comes under stress. 

All these people, regardless of age and profession, need rest to relieve their stress. Spending time with families and friends on holidays is a way to shake off stress as much as possible. So, we can assume that bank employees need some time off to relax more and some well-deserved R&R will fulfill their wish.

Common Perception about Banking Jobs

Most people consider banking a cushy, comfy, rewarding job with regular 9-hour duty and attractive perks and benefits. Your money is safe and still working even when bank employees are on holiday. However, it is working for them, not for you. It is one of the convincing reasons why bankers demand more holidays.

More Holidays, Higher Money Generation

Money with the banks never goes on holidays. It continues working, snowballing into more and more with every passing day. Money begets money. The longer a bank can make money inaccessible to customers through holidays, the more money their deposits will generate for the bank.

Your bank pays you interest on your savings account but lends your money to others at a much higher interest rate. The more holidays they get, the more customers’ money goes laughing to banks.