Now Reading: Banks closed today for second Saturday, next holiday August 15
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Banks closed today for second Saturday, next holiday August 15
All banks in India, including SBI, HDFC Bank and ICICI Bank, are closed today, August 8, because it is the second Saturday of the month. Under RBI rules, banks must shut on…
The Story in Brief
All banks in India, including SBI, HDFC Bank and ICICI Bank, are closed today, August 8, because it is the second Saturday of the month. Under RBI rules, banks must shut on every Sunday and on the second and fourth Saturdays. The fifth Saturday in a month with five Saturdays is a working day. The next nationwide bank holiday after today will be on August 15 for Independence Day.
Banks will also remain shut on August 22, the fourth Saturday. In Manipur, branches may be closed on August 13 for Patriot’s Day. While physical branches are shut, customers can still use ATMs, mobile banking, UPI, and NEFT or RTGS transfers. Digital banking services such as credit cards, debit cards and locker applications remain available.
The Indian Opinion
The routine hubbub over bank holidays often distracts from a sharper question: why do physical branches still shut on two Saturdays a month in an era of UPI and 24/7 digital banking? This old RBI rule mainly hits those without smartphones or net banking, the elderly and rural poor. Watch if the RBI’s upcoming review of working days finally scraps the second-Saturday closure or keeps it as a sop to bank unions.
Source: livemint.com
This story was synthesised by AI from the source linked above.
