Kolkata: These days technology keeps banks open even they are closed. A majority of transactions which common people used to conduct by visiting a bank earlier can now be done with the help of a laptop or even a smartphone and an internet connection. However, despite this holiday-defying uses of technology, a lot of people prefer to visit the branch of a bank to conduct business because of a variety of reasons. While some are technology-illiterate, some are apprehensive of online frauds, while a lot many are not literate enough to conduct banking transactions online. For all of these tech-shy customers, knowing when a bank is closed makes hell of a lot of difference.
Many of us know that Reserve Bank of India’s rules state that the first and third Saturdays of a month are working days for a bank (unless they coincide with a public holiday) operating in India while banks remain closed on the second and fourth Saturday. But what happens on the fifth Saturday of a month?
May 31 — the fifth Saturday of the month
May is one of those months, when there are five Saturdays. RBI rules also stipulate that if any month has five Saturdays, it will be a working day for banks. The holiday on Saturdays come under the Negotiable Instruments Act category. RBI has three types of holidays for banks. The first category is under the Negotiable Instruments Act. The second type comes under Real-Time Gross Settlement (RTGS) and the third category is related to closing of accounts.
However, with the help of technology, one can conduct a variety of banking work despite a banking holiday. At the end of the last financial year, there were 2.16 lakh ATMs in the country. There are ATMs virtually on every major road. Then there is the omnipresent internet which enables one to conduct banking transactions from anywhere round the clock.
We know that Reserve Bank of India’s rules state that the first and third Saturdays of a month are working days for a bank operating in India while banks remain closed on the second and fourth Saturday. But what happens on the fifth Saturday of a month? Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
