Banks closure: Finance Ministry dismisses rumours, says banking activity will continue

In the wake of rumour circulating in several sections of social media that banks will be closed for 6 days in the first week of September 2018, the government today dismissed rumours, and said that bank branches would remain open next week and there was no need for panic.

A Finance Ministry statement said, "It is hereby clarified that banks will remain open and banking activity will continue unimpeded in the first week of September. Banks will only observe holidays on Sunday, September 2, and second Saturday, September 8." 

Coming Monday, September 3 is not a pan-India holiday and banks only in some states where a holiday is declared under the Negotiable Instruments Act, 1881, will remain closed, it said, adding that even on those days, ATMs in all states will be fully functional and there will be no impact on online banking transactions.

Further the statement clarified that banks have been advised to ensure that sufficient cash is available for dispensation from ATMs. Banks will remain open on all other days, it added. 

Earlier on Thursday, National Organization of Bank Workers Vice President Ashwani Rana told IANS, "The message going around in the social media that banks will be closed for six days in the first week of September due to holidays and bank strike is not correct." 
 
The WhatsApp message on bank holidays, which went viral, claimed that banks would remain closed from September 2 to 5 and then from September 8 to 9 for the weekend, a total of six days in the first week of September.
 
The message said that the week was starting with Janmashtami on Monday, September 3, and then the banks would go on strike for demands related to pension. 
 
Notably, the strike call by employees of the Reserve Bank of India (RBI) on September 4-5 (Tuesday and Wednesday) has been misunderstood as a strike by all bank employees.
 
Ashwani Rana reportedly said, "It's only the RBI employees who are going on mass casual leave on September 4-5 for demands related to to Provident Fund and pension. This will not have much impact on the day-to-day operations of the other public and private sector banks." 
 
The banks in Delhi and Mumbai will reportedly remain open on Monday September 3, the day of Janmashtami, but in some states banks would be shut. September 8 is, however, the second Saturday and thus a holiday.
 
Watch this Zee Business video

Of the 31 regional and sub-offices of the RBI across the country, 16 will remain closed on September 3 on the occasion of Janmashtami, according to the RBI website.