Friday, June 26, 2015

Indian Banks to stay closed on 2nd and 4th Sat from July 15 2015


 Indian Bank Branches will be closed on all second and fourth Saturdays from July 15th.

This is as per the pact between public sector bank (PSB) employees and officers with the management.

T M Bhasin, chairman of the Indian Banks’ Association (IBA), said the Reserve Bank of India had approved the proposal and a notification would be issued on the change, under the Negotiable Instruments Act.

It will take three to four weeks for the process to get complete. PSB branches will work fulltime on the first and third Saturday of each month, said Bhasin, also chairman and managing director of Indian Bank.

This would unleash a major revolution in the Indian banking sector.

All the stake-holders i.e Bank Staff and Bank customers would need to relook their banking practices.

The transition period would last 12-18 months.

Details of 2nd and 4th Saturdays in the coming month are as under:

Sr No
Month
2nd Saturday
4Th Saturday
01
July 15
11th
25th
02
August 15
8th
22nd
03
September 15
12th
26th
04
October 15
10th
24th
05
November 15
14th
28th
06
December 15
12th
26th