RBI Rejects Reports on 5-day Work Plan For Commercial Banks

The Reserve Bank of India (RBI) rejected the reports claiming that commercial banks would have a 5-day week on its instructions. Issuing a notification in the evening, the RBI termed the information as ‘factually incorrect’.

“It has been reported in certain sections of media that commercial banks would have a 5-day week on RBI instructions. This information is not factually correct. RBI has not issued any such directions,” Yogesh Dayal, Chief General Manager, Reserve Bank of India, informed.

RBI’s clarification came in the wake of media reports which claimed that a five-day work plan for banks has been approved and the same will come into effect from June 1.

In March, a Twitter user Pratik D Khodade had reached out to the HDFC Bank inquiring whether the bank is open or not. In response, the bank tweeted, “Hi Prathik, we are open on the first and third Saturdays of the month. Branches will be closed on the second and fourth Saturday of every month. Weekday timings apply on working Saturdays. Branches will also be closed on Sundays and bank holidays.”

According to the notification released by the RBI in 2015, ‘All scheduled and non-scheduled banks – public, private, foreign, cooperative, regional rural and local area banks – will observe public holiday on second and fourth Saturdays from September 01, 2015; and will observe full working days on Saturdays other than second and fourth Saturdays’.