5-Day Week For Private Banks Is Fake News – This Is What RBI Has Said On This ‘Rumor’?
Since last few days, messages have been floating on the social media regarding a new rule by RBI, which made all commercial banks to work only for 5 days a week.
This meant complete weekly-off for two days: Saturday and Sunday.
This has turned out into a rumor, and a fake news. RBI has issued clarifications regarding this matter.
Rumors: Private Banks Will Have 5-Day Week
All of a sudden, rumors started floating on the social media that commercial banks will now have permanent weekly off, and they will only work from Monday to Friday.
While the bank employees rejoiced, there was a panic among the people, as banking hours were reduced, and this meant less productivity.
The messages were mainly floated on Whatsapp, referencing to several Facebook posts and Tweets regarding the same.
The matter reached RBI, and they had to issue a clarification.
RBI: 5-Day Working For Commercial Banks Is Fake News
Reserve Bank of India has stated that the news regarding 5-day working week is fake news, and nothing of sort will happen.
This has been confirmed by Yogesh Dayal, Chief General Manager, Reserve Bank of India who stated that commercial banks will not have any weekly off on all Saturdays, as spread via social media.
This means that the old working rules for all banks will continue to hold.
Saturday Working Rules For All Banks
Before 2015, all banks had half-days on all Saturdays: Most of the banks closed down by 2.30, 3 PM, and some private banks extended that to 4 PM.
But in 2015, RBI issued a circular, based on which, 2nd and 4th Saturdays of every month was announced as weekly off for all banks – Govt. owned and private both.
As per the circular, all operating banks in India: public, private, foreign, cooperative, regional rural and local area banks will have to work on 1st and 3rd Saturday and enjoy a full day off on 2nd and 4th Saturday.
This same rule still implies now, and nothing has changed.
In case you have received this rumor of 5-day working week for commercial banks, do inform the sender about this news by sharing this article.
We will keep you updated, as we receive more updates.