No 5-day holiday for banks in Mumbai during first week of September

Several media outlets have recently reported on a likely five-day long bank holiday in the first week of September. However, banking customers from Mumbai need not worry about the same as it won’t affect them.

Reason for the 5-day holiday?

According to reports, several banks in the country may remain shut on September 1, since it is falling on a Saturday.

Banks will then remain shut on September 2 owing to a Sunday, and later on September 3 on the occasion of Janmashtami.

While no holiday has been declared on September 4 and 5, banking operations are expected to be affected as United Forum of Reserve Bank Officers and Employees (UFRBOE) has called for a two-day mass casual leave to press for their demands.

“To express deep resentment at the attitude of the officials of the Government of India, RBI staff members have waited too long and the limit of patience is crossing and are left with no alternative but to observe two consecutive days strike action (mass casual leave on September 4 and 5, 2018),” it said in a release.

No long holiday for Mumbai banks

Although some ambiguity exists over which banks will remain shut on Saturday, September 1, a senior banking official from a nationalised bank confirmed that banks in Mumbai will continue regular operations on that day.

Additionally, several banks in north India will observe a holiday on September 3 (Monday). However, the same would not apply to those in the city or state, according to RBI’s website.

Further, banking operations are likely to be affected in the wake of RBI employees’ strike on September 4 and 5 (Tuesday and Wednesday). But, with banks functioning on September 3 and 6, customers will only have to deal with a two-day block.

It is also pertinent to note that banks will remain open on September 7 (Friday), but remain shut on September 8, which is the second Saturday of the month, and September 9 on account of a Sunday.