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Assocham Seeks RBI Intervention On Bank Holidays

Friday, March 27, 2015
By A Business Reporter

Noting with concern the number of bank holidays between March 28 and April 5, industry body Assocham yesterday sought the intervention of RBI as well as the government to make "some arrangements" to avoid inconvenience to customers. The holidays will disrupt financial transactions in the stock markets and normal commercial deals, Assocham said.

It said that March 28 is holiday on account of Ram Nawami followed by Sunday. The banks open on March 30 for a day for public and would be out of reach for the general public on March 31 and April 1 due to annual closing. On April 2, along with government offices, they will remain shut because of Mahavir Jayanti, followed by Good Friday on April 3. On the following day, banks work for a couple of hours on Saturday to be followed by Sunday on April 6, it added.

 "We would urge the RBI to step in and advise the banks to make some arrangements. With the government being the majority owners of the public sector banks, the Finance Ministry should also prevail on the bank managements to avoid this kind of huge customer inconvenience and widespread disruption to the business environment," Assocham Secretary General Mr D S Rawat said in a statement.

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