Bank holidays: PIB Fact Check debunks fake notification on 5-day banking for SBI, PSU banks

The latest market report highlights that A fake government notification claiming that the Central Government has approved a five-day banking week for public sector banks, including State Bank of India (SBI), is circulating on social media. The Press Information Bureau’s (PIB) Fact Check unit has clarified that no such notification has been issued by the Ministry of Finance.

In a post on X, PIB Fact Check stated the Gazette being circulated on social media is not genuine.

“No such notification has been issued by FinMinIndia declaring every Saturday as public holiday for public sector banks,” PIB Fact Check stated.

This means there has been no official decision by the Ministry of Finance to declare all Saturdays as holidays for SBI and other public sector banks.

Five-day banking demand still under discussion

The clarification comes at a time when the demand for a five-day banking week is being actively discussed between the Indian Banks' Association (IBA) and bank employee unions.

The IBA recently constituted a high-level committee to discuss the demand for all Saturdays to be holidays for bank employees. The move followed discussions between the IBA and the United Forum of Bank Unions (UFBU). Five-day banking has been a long-standing demand of bank employee unions.

IBA forms committee with bank unions

The IBA's high-level committee includes representatives from the banking industry and employee unions. Rajneesh Karnatak, managing director and CEO of Bank of India, has been nominated as the chairman of the committee, while Ashok Chandra, managing director and CEO of Punjab National Bank, has been named alternate chairman.

Representatives from Indian Bank, IDBI Bank and SBI are additionally part of the IBA side of the committee.

The formation of the committee is aimed at discussing the demand and does not amount to an approval of a five-day working week.

No change in Saturday bank holidays for now

For bank customers, there is no change in the existing holiday arrangement.

Public sector banks at present stay closed on the second and fourth Saturdays of every month, apart from Sundays. Other Saturdays are working days, subject to applicable regional holidays and the bank's holiday calendar.

As a result, customers should not assume that all Saturdays will be bank holidays based on the viral Gazette.

Any change in the existing working-day arrangement would require the necessary government approvals and an official notification.