Every Saturday bank holiday? Govt debunks fake Gazette; here’s the rule | Personal Finance

The government has not declared every Saturday a holiday for public sector banks, the Press Information Bureau (PIB) Fact Check has said, debunking a fake gazette notification circulating on social media.

The clarification comes amid renewed discussion around a five-day banking week. A document being shared online purportedly shows the Ministry of Finance’s Department of Financial Services declaring all Saturdays as public holidays for public sector banks, including State Bank of India. No such notification has been issued, PIB said. 

For bank customers, the existing arrangement continues: the second and fourth Saturdays are holidays, while other Saturdays are generally working days, subject to the official holiday calendar.

Fake Gazette claims five-day banking week

The document circulating on social media is presented as a government gazette notification and invokes Section 25 of the Negotiable Instruments Act, 1881.

It claims that the Centre has declared every Saturday a public holiday for all public sector banks with immediate effect.

PIB Fact Check, however, said on October 1 that the document was fake and that the Finance Ministry had issued no such notification. It advised people to flag suspicious government-related content rather than rely on or circulate unverified documents.

So, are banks closed on Saturdays?

No. The current system does not provide for a holiday on every Saturday.

The second and fourth Saturdays of each month are holidays for banks. The other Saturdays are normally working days, unless a particular date is separately declared a holiday under the applicable holiday calendar.

The Reserve Bank of India (RBI) has previously noted that the government declared the second and fourth Saturdays as public holidays for banks from September 1, 2015. 

This means customers should not assume that a Saturday is a bank holiday simply because it falls towards the end or beginning of a month.

For branch visits, cash deposits, document submission or other services that require physical access, customers should check the holiday calendar of their bank and the relevant state or regional holiday schedule before visiting.

Five-day banking week is a separate issue

The fake notification should not be confused with the long-standing demand for a five-day banking week.

Bank employee unions have been seeking a system under which banks would remain closed on all Saturdays. The government itself referred to this demand in a September 21 PIB release, noting that five-day banking remained an unresolved issue at that point. 

The same release recalled that the government had declared the second and fourth Saturdays as public holidays for public sector banks in 2015. It also said the remaining Saturdays continue to provide an opportunity for customers to access banking services.

The distinction matters because discussions or demands for a policy change do not mean that the change has already taken effect.

What bank customers should do

For now, customers should follow the existing holiday framework rather than the viral notification.

Second Saturday: Bank holiday.

Fourth Saturday: Bank holiday.

First, third and fifth Saturday: Generally working days, unless separately declared a holiday.

Sunday: Banks are normally closed.

Regional holidays: Branches can also remain closed on holidays notified for the relevant state or region.

Digital banking services such as internet banking and mobile banking can continue to be available even when branches are closed, although certain transactions or services may follow different processing schedules.

There has been no government decision declaring every Saturday a public holiday for public sector banks. Customers should rely on official bank and RBI holiday information rather than screenshots or purported Gazette documents circulating on social media.