Banks closed on all saturdays

Responding to a question on whether the Indian Banks Association IBAa banks closed on all saturdays body of all banks in India, has demanded the implementation of a five-day work week, minister of state for finance Bhagwat Karad said the IBA had indeed submitted a proposal to this effect. Sincebanks in India have been shut on the second and last fourth Saturday of every month as a public holiday.

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.

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. According to Business Today, if this proposal is accepted then the employees will not only get the benefit of working five days a week, but along with this the number of working hours may increase. If 5-day working system is implemented in banks, then employees may have to work 40 minutes extra every day.

According to a report by the Business Linethe 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.

Elevate processes with AI automation and vendor delight. Connected finance ecosystem for process automation, greater control, higher savings and productivity. For Personal Tax and business compliances. In India, banks, including private and PSU banks, usually have holidays on the 2nd and 4th Saturday of every month. If a month has five Saturdays, the 5th Saturday is a working day for banks.

No free time on weekdays to head to the bank? Here are a few banks that can serve you on weekends. Which banks are open on weekends? Open an eligible Fifth Third checking account. The cash bonus will be deposited into your new checking account within 10 business days of completing qualifying activity requirements. Tired of moving your schedule around just to make it in time for the bank? Instead of trying so hard to squeeze it in, why not go to a bank that's open on the weekend? Contrary to popular belief, not all banks are closed on the weekends. There are some that stay open to help you out with whatever banking emergency you may have.

Banks closed on all saturdays

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Our experts suggest the best funds and you can get high returns by investing directly or through SIP. So, are the bank open today? Earlier this year in March, the All India Bank Employees' Association issued a circular wherein it mentioned that the IBA agreed to enforce a five-day work week for bank employees. Yes, banks are closed on all Sundays of the month, even those that follow the 2nd and 4th Saturdays. Since , banks in India have observed public holidays on the second and last fourth Saturdays of every month. Yes, the SBI has a holiday on the 2nd Saturday of every month. Solvency Certificate. You are now subscribed to our newsletters. Follow us on. If approved, the transition to a five-day work week could potentially be accompanied by extended working hours during the operational days, as suggested by sources familiar with the matter. The RBI has categorised them into different types, including Holidays under the Negotiable Instruments Act and real-time gross settlement holidays. October 26,

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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. Reserve Bank Of India. Share Via. No, banks are closed only on the 2nd and 4th Saturday of the month. Looks like you have exceeded the limit to bookmark the image. My Account. GST calculator. The finance ministry reply did not indicate whether the demand has been accepted or whether it could be anytime in the near future. The demand for a five-day work week has been a long standing one of banks, particularly the public ones. Dark Mode. From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed — it's all here, just a click away! GST Registration. Bank Holidays Maharashtra And Mumbai 5.