New Delhi: There has been a buzz on social media about the Indian Banks Association (IBA) proposing a five-day working week, stirring confusion among the public about whether banks would remain closed on December 16, 2023 (Saturday). As the rumours are making rounds, the commoners are getting more confused about whether the bank’s branch will open today or not.

Read on for clarity on whether banks are open today. (Also Read: These Banks Changed Loan Interest Rates In December: Check New Rates Here)

Bank Holidays

Decoding the Confusion Contrary to the speculation, banks will remain open on December 16th, as it marks the third Saturday of the month. As of now, there has been no official confirmation that banks will adopt a five-day week. (Also Read: Who Is Lalit Khaitan? Read Tale Of 80-Year-Old India’s Newest Billionaire)

The existing pattern of holidays, where Sundays and the second and fourth Saturdays are observed as holidays, will continue.

The Reserve Bank of India (RBI) has outlined that banks will be closed for a total of eighteen days in December 2023. It’s crucial to note that, in addition to Saturdays and Sundays, holidays may vary based on state regulations.

RBI categorizes bank holidays into different groups, including those under the Negotiable Instruments Act, holidays related to Real Time Gross Settlement, and days earmarked for account closing by banks. The central bank annually releases a comprehensive list of all bank holidays on its website.

Addressing the reported IBA proposal, media outlets claimed that Bhagwat Karad, the Minister of State for Finance, raised the matter in Parliament, acknowledging receipt of the IBA proposal. However, he provided no further clarification.

Current Status and Future Outlook For the time being, banks will maintain their regular working schedule, and the public need not worry about closures beyond the standard weekends.

Any potential changes to the working week would likely be communicated officially, and until then, customers can rely on the established holiday pattern.