The Hush Post: Banking operations are likely to be paralysed in many parts of India from September 1 to September 5. This owing to a weekend which falls on September 1 and 2, followed by Janmashtami and a two-day bank strike by Reserve Bank of India employees.
While most banks operate on first Saturdays of the month, banks in some states are closed on Saturdays or operate only for half-a-day. This would hit operation on September 1. Sundays are mostly closed for all banks across India, so count September 2 as bank holiday. Most banks in north India would remain closed on account of Janmashtami, a festival that celebrates the birth of Lord Krishna on September 3, Monday. This is going to be followed by a bank strike by United Forum of Reserve Bank Officers and Employees (UFRBOE) when RBI employees are likely to go on a two-day mass casual leave on September 4 and 5.
The bank strike by RBI staff is expected to paralyse banking operations of the central and other state banks across India.
The main demand of the United Forum of Reserve Bank Officers and Employees forum is to provide an option to the retainers of Contributory Provident Fund (CPF) to switch over to pension scheme. The other demand of the forum is to grant additional provident fund (APF) to those recruited in the bank from 2012.
Taking into account these occasions and events, services like ATM transactions, deposit in branches, FD renewal, government treasury operation, money market operation among others are likely to be hit for five days. Online banking operations, however, are expected to be available 24/7.