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Don’t Panic, Banks Will Not Be Shut in 1st Week of Sept: FinMin

“Banks will only observe holidays on Sunday, 2 September, and on Saturday, 8 September,” the Finance Ministry said.

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Dismissing rumours, the Centre on Friday, 31 August, said bank branches would remain open in the coming week and that there was no need to panic.

“It has come to notice that a rumour is circulating in several sections of social media, that banks will be closed for 6 days in the first week of September 2018, causing undue panic among the general public,” Finance Ministry said in a statement said, adding:

It is hereby clarified that banks will remain open and banking activity will continue unimpeded in the first week of September. Banks will only observe holidays on Sunday, 2 September, and second Saturday, 8 September.

Further, it clarified that ATMs in all states will be fully functional and there will be no impact on online banking transactions.

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The WhatsApp message on bank holidays, which went viral, claimed that banks would remain closed from 2 top 5 September and then from 8 to 9 September for the weekend, a total of six days in the first week of September.

It said the week was starting with Janmashtami on Monday, September 3, and then the banks would go on strike for demands related to pension.

It, however, turns out that the call for strike by employees of the Reserve Bank of India (RBI) on 4 and 5 September (Tuesday and Wednesday) has been misunderstood as a strike by all bank employees.

It’s only the RBI employees who are going on mass casual leave on September 4-5 for demands related to to Provident Fund and pension. This will not have much impact on the day-to-day operations of the other public and private sector banks
Ashwani Rana

Though the banks in Delhi and Mumbai will remain open on Monday, 3 September, the day of Janmashtami, banks in some states would be shut. 8 September is, however, the second Saturday and thus a holiday.

"Monday, 3 September, is not a pan-India holiday for banks. Banks in some states will remain closed as per the Negotiable Instruments Act. This, however, will not impact the online banking transactions nor it will affect the operation of ATMs," said an HDFC Bank official.

Of the 31 regional and sub-offices of the RBI across the country, 16 will remain closed on 3 September on the occasion of Janmashtami, as per its website.

(With inputs from PTI and IANS)

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Topics:  Reserve Bank of India   Banks 

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