There is viral news on social media about IBA reports, the Indian Banks Association, proposing a five-day working week for bank staff. According to this, banks may be closed on Saturday. Are banks closed on Saturday or not? As the rumours come, the facts are becoming more confused about whether banks are closed or open on Saturday. Let’s read the news to get clarity on bank holidays or whether the banks closed on every Saturday, and what RBI declared
Bank Holidays
To remove the confusion, it is important to know that banks are open on Saturdays till official notice comes. Till now, there has been no confirmation from banks that they have adopted the five-day week schedule. According to existing holiday patterns of banks, only the banks are closed on Sundays, 2nd and 4th Saturday.
According to RBI Reserve Bank of India, it has been determined that banks will remain closed for 18 days in December 2023. Remember that bank holidays vary according to state regulations, in addition to Sundays and Saturdays.
Categorization of Bank Holidays by RBI
RBI categorizes financial institution holidays into one-of-type corporations, together with the Negotiable Instruments Act, holidays related to Real Time Gross Settlement, and days earmarked for account ultimate by using banks. The RBI releases a complete list of all bank holidays on its website.
Addressing the stated IBA idea, media shops claimed that Bhagwat Karad, the Minister of State for Finance, raised the problem in Parliament, acknowledging receipt of the IBA proposal. However, he supplied no additional explanation.
Current Status and Future Outlook For now, banks will preserve their normal working timetable, and the general public will not need to think about closures past standard weekends. RBI officials will communicate any changes that come to the running week, which is something declared regarding the 5-day week schedule.
When Banks are closed in December 2023
The holiday list of RBI for December shows that banks will be closed for 18 days this month. It includes the 18th and 19th of December for events of Goa Liberation Day and the death anniversary of U SoSo Tham. Moreover, the 25th, 26th, and 30th of December are also declared bank holidays for U Kiang nangbah and Christmas day celebrations. Keep in mind that these holidays vary by region.
The previously mentioned holidays will be declared as bank holidays by RBI. These holidays will range from one place to another. Some holidays are discovered as public holidays across the country. The complete list of the bank holidays is available on the Reserve Bank of India’s website. People can directly go to the RBI’s official site to check banks’ holidays before a visit to a bank.
Conclusion
In regards to the available IBA report, various reports claimed that Bhagwat Karad, Minister of State for Finance, raised problems in Parliament on the banks 5 day-week schedule. But no confirmation on this has come yet.
