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Indian Central bank directs Indian banks to work full-day on 2 Saturdays, and off on remaining days

Indian Central bank directs Indian banks to work full day on 2 Saturdays and off on remaining days pardesi news 1459247720

Second and fourth Saturdays to be bank holidays in India

Indian Central bank, RBI has recently declared second and fourth Saturday’s holidays, earlier the banks were working a half-day on these days. The central bank with this declaration has fulfilled one of the long-pending demands of the bank employees. However, the banks will now be working a full-day on the remaining Saturdays.

 

The RBI press release says, “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”.  

 

In case of some months having five Saturdays, these banks will be closed on second and fourth Saturdays only. Regarding, the NEFT/ RTGS, these can be processed on the second and fourth Saturday, but the same will be settled the next working day. However, as per the RBI press release, the above arrangements are slated to be reviewed after six months.


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Patrick Callahan

Pardesi News Reporter

Pardesi News Reporter

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