Committed to PEOPLE'S RIGHT TO KNOW
Vol. 5 Num 593 Sat. January 28, 2006  
   
Business


Five-day week for Malaysian banks


The Malaysian banks will implement a five-day working week from Feb 1 in a bid to encourage electronic banking and give bank employees more time off.

A few bank branches in areas where business volume is high will open on certain Saturdays.

Association of Banks in Malaysia (ABM) executive director Wong Suan Lye said that the banks were adopting a five-day week in line with the public sector's five-day week.

However, the minimum banking hours per week would not be reduced, she said in a statement on Wednesday.

"With the five-day work week, the recommended banking hours will be from 9.30am to 4pm.

"In addition, banks may operate their branches beyond these hours to meet the needs of their customers.

"Banks will also open selected branches on specified Saturdays," she said, adding that the respective banks would announce the details.

Cheques received on Saturdays (including cheques deposited at self-service terminals as well as cheques received by branches that are open on Saturdays) will be processed the next working day. There will be no clearing of cheques on Saturdays, she added.

"In line with the global trend towards electronic banking, commercial banks have been investing substantially in self-service terminals and e-banking centres, as well as infrastructure for Internet and telebanking.