Banks Will Be Closed For 5 Days In September 1st Week? What Is The Truth? [Update]

Bank Unions have already declared a massive strike on September 4th and 5th

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Banks will remain closed for 5 days in September?
Banks will remain closed for 5 days in September?

[Update on August 31st] 

National Organization of Bank Workers Vice President Ashwani Rana has confirmed that there will be no bank strike in the first week of September. Only RBI employees are holding a strike on 4th and 5th.

Earlier:

Rumors are strong that banks (mainly public) will remain closed for 5 days in the first week of September.

We try to find out the truth!

Why Banks Can Remain Close For 5 Days?

If we analyze the various news pertaining to the banks’ holidays and bank strike announced, then indeed, banks can remain closed for 5 straight days.

September 1st, is the first Saturday of the month. Now, 1st and 3rd Saturdays are working, but in some states, banks can remain closed on September 1st.

September 2nd is Sunday.

September 3rd is Krishna Janmashtmi, a relatively big festival, especially in North India.

Hence, banks will be closed.

On September 4th and 5th, various bank employee unions have announced a massive strike.

This means that in some locations, banks can remain close between September 1st and 5th.

Why Bank Strike?

The United Forum of Reserve Bank Officers and Employees has already declared that all employees and officers of various public banks will take a mass-casual leave on September 4th and 5th.

They have issues related with pension, and this strike is their last resort. Few employees also staged a dharna at RBI Office, in Mumbai.

As per estimates, crucial banking operations such as Cheque clearances, payments and settlements and forex transactions, real time gross settlement (RTGS) and national electronic funds transfer (NEFT) etc can get hit due to the strike.

It is advisable to withdraw cash before September 1st, as ATM services can also be disrupted due to the strike.

We will keep you updated, as we receive more news.

Online Frauds Lead to Rs 110 Cr Loss

Meanwhile in a reply in Lok Sabha, Minister of State (MoS) for Finance informed the nation that due to online fraud and theft, banks have lost Rs 110 crore during 2017-18.

Around 972 such cases on online frauds were discovered, which is roughly three every day.

The reply was given in response to a query about ATM robberies, and security of financial assets in the nation.

In the last three years, Rs 165 crore has been lost due to robberies at ATMs; and most of these incidents were reported from Bihar where 147 such cases happened.

Meanwhile, the maximum number of card related frauds were directed towards ICICI Bank customers.

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