All banks in India, including nationalized and private banks, will remain closed on all Saturdays and only operate from Monday to Friday from June 1st onwards.
How are banks helping people from ages?
Banking is a ubiquitous word now – the financial institution which is helping people to deposit their money and creates a credit for them in several ways. Banks generate revenue through a different model such as interest, transaction fees and financial advice, etc.
Recent technology advancements have eased the banking processes. This change benefited the general public and all the other businesses. The banking products like credit cards, debit cards, and smart cards have made banking transactions very convenient and smooth.
The introduction of internet banking, send and receive payments through UPI has made banking management easier for the consumers. Banks help in making profits and facilitates economic development of the country as a whole.
What the viral post on social media claims?
On June 7th, a Facebook user called Mir Imtiyaz had posted an update claiming the banks will remain closed on all Saturdays according to a notification issued by Reserve Bank of India (RBI).
The user had posted the screenshot of RBI’s notification dated May 28th, 2019 is a statement which conveys that the banks in India will henceforth work from Monday to Friday making a five-day week from 8.30AM to 6.30PM and will not operate on Saturdays.
June 8th being second Saturday, and officially banks don’t work on second Saturdays for many years now, and coincidently Mir Imtiyaz’s claim matched the situation. People unknowingly get themselves convinced that bank will remain closed on all Saturdays and shared the news across channels.
The social media post had become viral and had been shared for more than 500 times by many people on their timeline.
The fact is all different from the claim made. The RBI’s statement had nothing to do with a bank holiday on all Saturdays. It was about “Real-time Gross Settlement (RTGS) system – Extension of Timing for Customer Transaction”. If you look at the second paragraph, it has written, “It has been decided to extend timings for customer transaction in RTGS.”
Here is the original statement released by RBI on their website regarding the RTGS timing.
RBI finally had to release an announcement regarding the false claim since the same news was circulating on social media channels from 2017.
RBI made a press release on April 20th, 2019 stating “It has been reported in certain sections of the media that commercial banks would have a five-day week in terms of RBI instructions. It is clarified that this information is not factually correct. RBI has not issued any such directions.”
From the RBI’s press release, it is clear that RBI had never approved five-day week for banks and they will operate as usual from Monday to Saturday except on second and fourth Saturdays holiday. Hence, the viral post on social media regarding all Saturdays holiday for banks is FALSE.