BOOM

Trending Searches

    SUPPORT
    BOOM

    Trending News

      • Fact Check 
        • Fast Check
        • Politics
        • Business
        • Entertainment
        • Social
        • Sports
        • World
      • Law
      • Explainers
      • News 
        • All News
      • Decode 
        • Impact
        • Scamcheck
        • Life
        • Voices
      • Media Buddhi 
        • Digital Buddhi
        • Senior Citizens
        • Videos
      • Web Stories
      • BOOM Research
      • BOOM Labs
      • Deepfake Tracker
      • Videos 
        • Facts Neeti
      • Home-icon
        Home
      • About Us-icon
        About Us
      • Authors-icon
        Authors
      • Team-icon
        Team
      • Careers-icon
        Careers
      • Internship-icon
        Internship
      • Contact Us-icon
        Contact Us
      • Methodology-icon
        Methodology
      • Correction Policy-icon
        Correction Policy
      • Non-Partnership Policy-icon
        Non-Partnership Policy
      • Cookie Policy-icon
        Cookie Policy
      • Grievance Redressal-icon
        Grievance Redressal
      • Republishing Guidelines-icon
        Republishing Guidelines
      • Fact Check-icon
        Fact Check
        Fast Check
        Politics
        Business
        Entertainment
        Social
        Sports
        World
      • Law-icon
        Law
      • Explainers-icon
        Explainers
      • News-icon
        News
        All News
      • Decode-icon
        Decode
        Impact
        Scamcheck
        Life
        Voices
      • Media Buddhi-icon
        Media Buddhi
        Digital Buddhi
        Senior Citizens
        Videos
      • Web Stories-icon
        Web Stories
      • BOOM Research-icon
        BOOM Research
      • BOOM Labs-icon
        BOOM Labs
      • Deepfake Tracker-icon
        Deepfake Tracker
      • Videos-icon
        Videos
        Facts Neeti
      Trending Tags
      TRENDING
      • #Operation Sindoor
      • #Pahalgam Terror Attack
      • #Narendra Modi
      • #Rahul Gandhi
      • #Waqf Amendment Bill
      • #Arvind Kejriwal
      • #Deepfake
      • #Artificial Intelligence
      • Home
      • Fact Check
      • Banks To Have a 5-Day Workweek?...
      Fact Check

      Banks To Have a 5-Day Workweek? Misleading Claims Viral

      The Ministry of Finance has not issued an official statement regarding the implementation of a five-day workweek, and banks will continue to follow the current holiday schedule.

      By - Nidhi Jacob |
      Published -  16 Dec 2023 6:00 PM IST
    • Boomlive
      Listen to this Article
      Banks To Have a 5-Day Workweek? Misleading Claims Viral

      Claims about the closure of nationalised banks on all Saturdays of every month have circulated widely on social media recently. These misleading claims emerged after Pune Mirror highlighted it in their news headline without providing the complete context.

      The title states, "Now Banks will follow 5 days working, Every Saturday and Sunday banks will be closed." However. there has been no official statement from the Ministry of Finance regarding the implementation of the five-day workweek yet.

      Several X (formerly Twitter) users posted these false claims following the Pune Mirror's news report. BOOM also received requests to verify this claim.

      Saturday Afternoons 'Now' Can B A Learning Criteria To Bank UNions -

      Have UNions Checked As To What All Can Get Outsourced IF Saturday IS A Holiday.

      More Outsourced - Less Employee Strength - Less UNion Strength.

      [
      Though HaveNever Supported UNIons ]https://t.co/8B28NGXiyl

      — Vageesh Yellarti Matada (@ymvageesh) December 13, 2023


      Now Banks will follow 5 days working, Every Saturday and Sunday banks will be closed #police

      — Rajesh (@Rajesh79123583) December 13, 2023

      Fact-check

      In a written reply on December 5, 2023, Dr. Bhagwat Karad, Minister of State in the Ministry of Finance, said that the Union government had received a proposal from the Indian Banks' Association (IBA) suggesting the declaration of all Saturdays as banking holidays.

      According to the proposal, "IBA has already recommended to the Government for declaration of all Saturdays as holidays under Negotiable Instruments Act for Banking industry in line with earlier negotiations with unions/associations and the same will be pursued. The unions/associations urged for implementation of the same before signing of the final bipartite agreement/ joint note."

      The Minister's response read, "Yes, IBA has submitted a proposal to declare all Saturdays as banking holiday. In regard to the Saturdays being public holiday, subsequent to 10th Bipartite settlement/ 7th Joint note signed between IBA and Workmen Unions/Officer Associations, Government, in exercise of powers conferred by section 25 of the Negotiable Instruments Act, 1881, vide notification dated 20.8.2015, had declared the second and the fourth Saturdays of every month as public holiday for banks in India."


      However, since the response did not indicate any plans for banks to be closed on all Saturdays in the future, this claim is misleading. While BOOM could not confirm the possibility of banks transitioning to a five-day workweek in the future, we found that the Ministry of Finance has not released an official statement regarding its implementation.

      The decision of bank holidays is made by the Reserve Bank of India (RBI). Since September 1, 2015, the Reserve Bank of India has been observing public holidays for scheduled and non-scheduled banks, including public, private, foreign, cooperative, regional rural, and local area banks, on the second and fourth Saturdays. On Saturdays other than the second and fourth Saturdays, the RBI has been observing full working days.

      The RBI has categorised holidays into three groups: holidays under the Negotiable Instruments Act, The Negotiable Instruments Act and Real-Time Gross Settlement (RTGS) holidays, and Banks’ Closing of Accounts. RBI's comprehensive list of holidays for all States and Union Territories in 2023, can be accessed here.

      Tags

      BanksMinistry of FinanceBank Holidayfive-day workweek
      Read Full Article
      Claim :   Now Banks will follow 5 days working, Every Saturday and Sunday banks will be closed
      Claimed By :  Social Media
      Fact Check :  Misleading
      Next Story
      Our website is made possible by displaying online advertisements to our visitors.
      Please consider supporting us by disabling your ad blocker. Please reload after ad blocker is disabled.
      X

      Subscribe to BOOM Newsletters

      👉 No spam, no paywall — but verified insights.

      Please enter a Email Address
      Subscribe for free!

      Stay Ahead of Misinformation!

      Please enter a Email Address
      Subscribe Now🛡️ 100% Privacy Protected | No Spam, Just Facts
      By subscribing, you agree with the Terms & conditions and Privacy Policy connected to the offer

      Thank you for subscribing!

      You’re now part of the BOOM community.

      Or, Subscribe to receive latest news via email
      Subscribed Successfully...
      Copy HTMLHTML is copied!
      There's no data to copy!