Recent claims circulating on social media suggest the closure of nationalised banks on all Saturdays of every month, citing a Pune Mirror news headline that lacks complete context. The headline in question states, "Now Banks will follow 5 days working, Every Saturday and Sunday banks will be closed," but as of now, no official statement from the Ministry of Finance supports the implementation of a five-day workweek.
Claims circulating on social media suggest nationalised banks will close on all Saturdays.
The India TV Fact Check team received requests to verify these claims, prompted by Twitter users spreading misinformation following the Pune Mirror's report. While Dr. Bhagwat Karad, Minister of State in the Ministry of Finance, confirmed receiving a proposal from the Indian Banks' Association (IBA) to declare all Saturdays as banking holidays, his response did not indicate plans for banks to be closed on all Saturdays in the future.
The Reserve Bank of India (RBI) is responsible for deciding bank holidays. Since September 1, 2015, the RBI has observed public holidays for various banks on the second and fourth Saturdays, with other Saturdays being regular working days. The decision to declare Saturdays as public holidays was made through the Negotiable Instruments Act, of 1881, following negotiations with unions and associations.
Ministry of Finance statement
While the India TV Fact Check team couldn't confirm the possibility of banks transitioning to a five-day workweek, it's essential to note that no official statement from the Ministry of Finance supports this claim. The RBI's comprehensive list of holidays for all States and Union Territories in 2023 can be accessed for accurate information.
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