Commercial Banks Closed Every Saturday, RBI Approves: Fact Check


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Image about Commercial Banks Closed Every Saturday, RBI Approves
Commercial Banks Closed Every Saturday, RBI Approves

Story:

RBI has approved Banks in India will remain Closed every Saturday.

Other Versions

  1. Bank will remain closed on every Saturday with effect from 1st June, 2019. RBI has approved 5 days working for banks. Timing 9:30 am to 5:30 pm.
  2. (Hindi)
    1 जून से सभी बैंक हर शनिवार भी बंद रहेंगे, आरबीआई ने बैंकों में 5 दिन काम करने को मंजूरी दे दी है

Fact Check:

Various messages shared heavily on social media sites claim RBI has approved commercial Banks in India will remain Closed on every Saturday. As a result, banks will allegedly work for only five days a week between 9:30 am to 5:30 pm. No, the claims are not true – RBI did not give any such approval.

Banks Not Closed Every Saturday

The messages in question are rather doing rounds online in various languages. They also appeared on different platforms like the social media sites Twitter and Facebook. As a matter of fact, they are doing rounds online since at least 2017.

From 1st June 2017, all Banks will be remain closed on every Saturday.
RBI has approved for 5 days working for Bank.
Timings will be from
9:30 am to 5:30 pm…
Blessed Bank Employees
Less work more costs to account holders.
Image of Reserve Bank of India, RBI
Reserve Bank of India, RBI

The fact of the matter is however different than what is claimed in the messages circulating. According to RBI guidelines issued in 2015, each bank will be working full day on first and third Saturday. From 1st September 2015, apart from Sunday, branches of the commercial banks in India observe public holiday on second and fourth Saturdays. As the rumors spread wide on social media, on 20th Apr 2019, the Chief General Manager of RBI, Yogesh Dayal issued a press release message regarding the matter, which is also published on RBI website rbi.org.in:

It has been reported in certain sections of the media that commercial banks would have a 5 day week in terms of RBI instructions. It is clarified that this information is not factually correct. RBI has not issued any such directions.

Hoax or Fact:

Hoax.


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