Banks likely to remain closed from September 1 to 5

This year the month of September is likely to begin with a dent in the economy of the country. It is touted that banks might remain closed from September 1 to 5, thus suspending the economy further.

September will start with a weekend followed by Janmashtami holiday on Monday (3rd September) and then a two day bank strike by Reserve Bank of India employees. The bank strike by the RBI staff will paralyse the banking operations across the country.

On the contrary, Ashwani Rana- Vice President, National Organisation of Bank Workers has stated that most of the banks will remain open and ATM functioning will not be effected. “The message going around in the social media that banks will be closed for six days in the first week of September due to holidays and bank strike is not correct,” Mr Rana told news agency IANS, as quoted in NDTV.

Since the long pending demand by the United Forum of Reserve Bank Officers and Employees on pension related issues are not yet resloved, so they have decided to go on a mass casual leave this September 4 and 5.

United Forum of Reserve Bank Officers and Employees forum had earlier demanded an option to be provided to the retainers of Contributory Provident Fund (CPF) to switch over to pension scheme. The forum had also demanded an additional provident fund (APF) to those recruited in the bank from 2012.

Also read: Did RBI annual report nail the government?