The decision of banks to remain open 5 days a week has been going on for a long time now. However, there has been no official confirmation yet.

Reportedly, the Indian Banking Association (IBA) is likely to take the decision on that in a meeting with the United Forum of Bank Unions (UFBU) this week on Friday.

The United Forum of Bank Unions on July 19 said that they took up the issue of introduction of five banking days in earlier discussion.

"IBA informed that the issue is under active consideration of the various stakeholders and the same is being pursued. We asked the IBA to expedite the same so that five banking days per week is introduced without further delay," it said.

If the decision is approved, bank employees will get 2 days weekly off.

Currently, bank employees work on alternate Saturdays. Banks remain open on the first and third Saturdays of every month.

The move after the government implemented the rule of five working days in the Life Insurance Corporation of India (LIC).

According to a report by CNBC, the Finance Ministry earlier said they have no objection to this demand of the employees. The Indian Banking Association had sent a proposal to the government regarding this. According to the proposal, daily working time for bank employees will be increased by 40 minutes.

The report also highlighted the medical insurance policy which the UFBU said they have agreed for a separate uniform base policy for Rs 2 lakh for retirees with certain ceilings and caps on bed charges/package treatments etc. so that the premium on the same will be reduced.

"Over and above this, top up scheme up to Rs 10 lakh will be made available on optional basis," UFBU said.

In the month of August, banks will remain closed for several days, about 14 days this year including the weekend.

However, the online banking services and ATMs will remain open.

Source- CNBCTV18