Banks Likely To Be Closed For First 5 Days In September. Here's Why



A weekend followed by Janmashtami and a two-day bank strike by Reserve Bank of India employees is likely to paralyse banking operations in several parts of the country from September 1 to September 5.

The beginning of September may come with a 5-day bank closure in many states and banking services may take a serious hit. While most banks operate on first Saturdays of the month, banks in some states are closed on Saturdays or operate only for half a day. This would hit operation on September 1. Sundays are mostly closed for all banks across the country, so count September 2 as bank holiday. Most banks in north India would remain closed on account of Janmashtami, a festival that celebrates the birth of Lord Krishna on September 3, Monday. This would be followed by a bank strike called by United Forum of Reserve Bank Officers and Employees (UFRBOE) when RBI employees are likely to go on a two-day mass casual leave on September 4 and 5.

The bank strike by RBI staff members is expected to paralyse banking operations of the central and other state banks across the country.

The main demand of the United Forum of Reserve Bank Officers and Employees forum is to provide an option to the retainers of Contributory Provident Fund (CPF) to switch over to pension scheme. The other demand of the forum is to grant additional provident fund (APF) to those recruited in the bank from 2012.

Taking into account these events, services like ATM transactions, deposit in branches, FD renewal, government treasury operation, money market operation among others are likely to get hit for 5 days. Online banking operations, however, are expected to be available at all times. It would be best to check with your banks about closed days and timings so that your bank work is not delayed.

Source - NDTV 


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