A report released by a certain viral group information that banks in India would Banks closed on all Saturdays and Sundays caused confusion among the customers particularly the customers who relied on physical bank branches to get some of the basic services such as cash deposits, cheque clearing, updating of pass books, and any queries about their accounts.
But is it true? Is it actually a new rule of the Reserve Bank of India (RBI) assumed as to a weekend shutdown? This is a full breakdown, which is fact-based.
What the Viral Report Claims
An article that is flooding the internet states that banks in India will be closed down on:
- All Saturdays
- All Sundays
According to the report, the change is being implemented in order to align the international work culture and enhance the work-life balance of the employees in the bank. In addition, it points out the fact that under UPI, mobile banking and internet banking, all the services are now accessible online 24/7.
The main problem is, however, that the assertion is being propagated extensively without any official validation.
What the Official Rule of RBI Really Says
According to the existing banking holiday pattern currently practiced throughout India that is regulated by RBI:
- All Sundays are closed days in banks.
- On the 2 nd and 4 th Saturday of each month, the banks are closed.
- Banks will be open on the 1st, 3 rd. 5 th Saturday (Assuming a 5 th Saturday does fall in a month)
This system is as old as the 2015 circular of the RBI and no explicit measure has been issued to replace it and make it a nationwide rule.
Therefore, currently the argument that banks would be closed on Saturdays is not official.
Is There A 5-Day Banking Week Plan?
Yes– and this is the cause of the misunderstanding.
Recently banking unions and employee organizations have been vigorously pushing to have a 5-day working week, that is:
- Banks open Monday to Friday
- Shut down on Saturdays and Sundays.
This demand has been increased by several banking associations and unions at meetings and during protests. Nevertheless, to the extent that the debate is ongoing, no definitive government or RBI consent has been given on the national implementation.
In short:
- The idea exists.
- The rule has not been officially put in place though.
Why This Statement Continues to Go Viral
These kinds of reports go viral since:
- Already on 2nd and 4th Saturdays off the perception is that banks are mostly closed.
- Online banking has minimized dependency on the branches.
- The proposal of a 5-day working week is reasonable and anticipated.
However, until the RBI or Government of India makes an official announcement, it is merely a discussion as opposed to a rule.
What Will Services Be Like Even on Banks Closed
Most banking services are available online through IT channels like: even in the event that branches are shut.
- UPI transactions
- Mobile banking
- Internet banking
- ATM cash withdrawals
- IMPS / NEFT / RTGS (according to the bank processing schedule)
Therefore, the daily transactions will not be suspended, only the services of branches will be impacted.
The Things That Customers Should Do Now
In order to prevent last minute hassle, customers should:
Check working Saturdays
It is advisable to check before going to a branch whether it is 1st/3rd/5th Saturday.
Plan branch work in advance
Branch activities such as cheques deposit, KYC upgrade, cash deposit and printing of pass books are activities that should be planned on working days.
Follow RBI holiday calendar
The banks are also closed during statewide and national holidays, depending on the location.
Final Ruling: Do Banks Shut Down on Saturdays and Sundays?
No.
At the point when this paper was written, the banks in India are officially closed on every Saturday.
Existing rule is no different:
- Closed on Sunday
- Closed on 2nd & 4th Saturday
- Open on 1st, 3rd, and 5th Saturday
Any modification of a full weekend closure can only be officialized by RBI or the government.
Disclaimer
This paper uses publicly available Banks Closed regulations and is written using RBI regulations, which are currently in effect. It is recommended that the reader should always check the timings of the branches with their bank prior to visiting.