Concept OF Five Day A Week

5 DAYS BANKING WEEKS’ NEED OF THE HOUR, FOR THE ENTIRE COUNTRY--- BY Himadri Shekhar Bhattacharjee

The ‘Five day working ‘ week implementation demand by bank employees of India, has been gathering dust for considerable time and very often, this is dusted out of archives and serious look is given or shall it be appropriate to say? Pretended to be given to this genuine demand of bank employees, resulting in lakhs of bank employees bracing up on renewed hope and ranting in media, in several hue and form for immediate migration into 5 day banking week in India.

Then, amazingly, all the brouhaha falls silent and it is again ‘business as usual’ with bank employees going through their daily ordeals at office, spanning 9 to 10 hours per day. What causes this 'tiding and then ebbing away’ in a wavy pattern? How come our country, which take great pride in emulating the west in myriad of matters, be it financial liberalization, nuclear initiatives etc blindfolded, simply develop cold feet when it comes to ‘migration to five day working weeks’ so prevalent in greater part of the western world? 

Even Pakistan did not shy away from the implementation of ‘5 day working weeks’ in banks and now reaping the benefits, in the form of :
1.
A rejuvenated work force, raring to start work on Mondays.

2.
Considerable savings in fuel, electricity, bandwidth etc.

3.
Above all, a contented social scenario, with, employees finding more time with families.

4.
Boosting up spending as lakhs of bank employees and their families, now find more time to visit shopping malls, bazars, multiplexes etc. thus, boosting consumption and growth.

But, in India, while regulators are enjoying ‘5 days working weeks’ and government employees too enjoying the same, bank employees have been singled out for toiling at their offices for9 to 10 hours daily, six days in a week, thus, exposing this particular class of employees, to:
•
Mental and physical burnouts resulting in ‘petulant at work’ syndrome.

•
Physical complications in forms of cardiac ailments, high blood pressures, diabetes etc.

•
Disturbed and stretched social fabric, as bank employees are left with lesser opportunities of ‘unwinding with families’.

•
Bank employees, restrained from frequenting shopping joints as they remain fatigued on weekends, thus, not exploiting their spending power to contribute to creating demands and thus boost consumption and growth.

See, how combined purchasing power of lakhs of bank employees and their families could contribute to creating a ‘demand pull’ to bring out the economy from poor ‘capacity utilization’ and ‘growth’.Just imagine,how, Rs 1000 splurge per week, in shopping malls, multiplexes etc per bank employees’ family of 800000 bank employees of this country, could translate to a whooping weekly outlay of Rs 800000000(Rs1000*800000).This is called ‘demand pull’ impetus to consumption and growth and higher ‘capacity utilization’.

Banks in India, are moving towards the trends prevalent in the developed part of the world, where, customers are encouraged to do their routine banking chores, through alternate banking channels, like, net banking, ATMs, mobile banking's etc. and visiting ‘brick and mortar’ bank branches are discouraged barring urgent situations and compliance to this is achieved by imposing charges for transactions done at bank branches, after few free transactions. See, the practice being made popular in India:

Bank

Charges levied

HDFC Bank HDFC Bank charges more for excess branch banking. You can deposit or withdraw cash from your bank branch five times a month for free. But from the sixth transaction, you will be charged Rs 100 per transaction. 
ICICI Bank ICICI Bank allows only four cash transactions, including both deposits and withdrawals, at the bank branch at no extra cost. However, beyond the first four transactions, you shall have to pay Rs 90 every time you go to your bank branch to deposit or withdraw cash. The charge is levied even if you maintain the required minimum average monthly balance. 
The State Bank Of India The State Bank charges only Rs 5 per debit entry (read, withdrawal/payment) in excess of 30 such entries (other than transactions done through alternative channels such as ECS, Internet or mobile banking and ATM withdrawals) in six months. 

Why this sudden forbiddance for branch visits. Well, it might be the antecedent to introduction of 5 days in a week banking in India, so that, bank clientele do not mind keeping of bank shutters down on Saturdays.

Now, ‘Hindustan Times’ quotes a top official of a bank to reveal that, arrangements are being worked out to introduce migration into 5 days in a week banking in India.

Well, it is high time that, this concept percolates into the minds of higher ups at FINMIN and members of trade bodies that, benefits of 5 days in a week banking in India are too captivating in return for a break on Saturdays.

Relevant post:‘FIVE DAYS IN A WEEK IN BANKS IN INDIA”****** THE’DISCOURSE’ GOES ON AND ON



Posted by: Himadri Shekhar Bhattacharjee.