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New bank Timings: To improve convenience and ease of banking for customers, the timings of all public sector banks have been changed in Mumbai and the rest of Maharashtra from today. The new rules define banking hours based on whether the branch is in a residential or commercial area. The timings in one particular area will be uniform all over the state.
For example, whether you are visiting a PSU bank branch in Mumbai or Pune’s residential area, the operating hours of all such banks will be the same.
So far, bank timings have varied from one bank to another and from one branch to another. Most banks followed a 10 am to 5 pm work hour schedule and were open for the public till 3:30 pm.
New PNB Bank Timings: In residential areas, the New PNB banking hours are from 9 am to 4 pm, while for customers, the banking hours are from 9 am to 3 pm.
In commercial areas, PNB banking hours are from 11 am to 6 pm, but for customers, the banks will close an hour early at 5 pm.
Banks will now function from 10 am to 5 pm in all other areas. For customers, these banks will shut their doors at 4 pm.
These timings are applicable to all public sector banks like the State Bank of India (SBI), Bank of Baroda, Punjab National Bank, Canara Bank, Corporation Bank, etc.
Why the change in bank timings: The bank timing change process is part of PSB reforms in PSBs under the finance ministry’s Enhanced Access and Service Excellence Programme (EASE) 2.0.
The Indian Banks’ Association (IBA) approved three-time slots for customer banking hours for PSBs all over India. The timings were – 9 am to 3 pm, 10 am to 4 pm, and 11 am to 5 pm.
In each state, the State Level Bankers’ Committee (SLBCs) was asked to develop recommendations for uniform time slots after consultation with the leadership of different banks. While some states implemented it earlier, Maharashtra SLBC had recommended implementing uniform banking hours with effect from November 1.