Banks closed on all saturdays

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All Indian banks, which are operational for six days twice a month, will soon get holidays on all weekends, a media report said. According to a report by the Business Line , the demand put forward by bank employee unions to declare all Saturdays as a bank holiday has been accepted by India's Bank Association on the 28th July meeting. Now, the representative body of management of Indian banks has forwarded the petition to the Ministry of Finance for its approval. If the Union Finance Ministry also approves it then banks will be in operation only five days a week, and the employees will not have to work on 1st and 3rd Saturdays. Bankers are confident that their proposal would get approval from the FinMin. The English Daily citing sources said, " Based on some of the informal talks with the ministry, it seems like the government may not have an issue in accepting this request from the bankers' union".

Banks closed on all saturdays

Employees working in public sector banks may get a good news in the coming days. On Tuesday, the Minister of State for Finance, Bhagwat Karad told the Parliament that a proposal has been presented in which, there is a demand to declare every Saturday as a holiday in all the banks of India. This means that there is a demand to work only five days every week in banks. In , the government had implemented a new rule for all the banks of India under which the bank employees would get two extra holidays on two Saturdays in the month. Since then, all the banks of the country remain closed on the second and fourth Saturday of the month. This is a mandatory holiday and applies to banks from public sector to private sector of the country. There has been a long demand from public and private sector banks for working five days a week. Especially public sector banks have raised this issue at many occasions. At the same time, all the public and private banks of India, foreign banks, cooperative banks, regional rural banks and all India financial institutions under the membership of IBA have also demanded to work five days a week. Let us tell you that more than 1. Although, Bhagwat Karad informed that a proposal for holiday on every Saturday has been received from IBA, he did not say whether the demand has been accepted or can be implemented any time in the near future.

Mutual fund calculator. It's important to note that these holidays vary by region and are not applied uniformly across the country. MSME Registration.

India's banking sector has formally proposed declaring all Saturdays as official holidays, according to confirmation from the Union Finance Ministry in Parliament today. Since , banks in India have observed public holidays on the second and last fourth Saturdays of every month. The demand for a five-day work week has been a prolonged one, particularly from public banks. The IBA represents a broad spectrum of banks in India, including public and private banks, foreign banks with a presence in India, cooperative banks, regional rural banks, and all Indian financial institutions. The banking sector employs over 1.

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Banks closed on all saturdays

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Bank Holidays List 3. Live TV Primetime. Punjab National Bank Holiday List Tax Saving Calculator. Recommended For You. August 10, Since , banks in India have been shut on the second and last fourth Saturday of every month as a public holiday. However, if the last Saturday is the 5th Saturday of the month, it is not a bank holiday. Debt Settlement Agreement. Invoice Discounting.

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Bankers are confident that their proposal would get approval from the FinMin. Currency Converter. August 24, June 22, My Account. This is a mandatory holiday and applies to banks from public sector to private sector of the country. Will ATMs be open on the second and fourth Saturdays when banks are closed? February 24, Dark Mode. September 14, Case Studies. Hello User. The 2nd and 4th Saturdays of the month are bank holidays. Is every Saturday a bank holiday? Follow the latest breaking news and developments from India and around the world with Hindustan Times' newsdesk.