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Assocham seeks RBI intervention on bank holidays

The holidays will disrupt financial transactions in the stock markets, normal commercial deals, export shipments, import consignments and salary payments, Assocham said.

twitter-logoPTI | March 26, 2015 | Updated 17:48 IST
Assocham seeks RBI intervention on bank holidays

Noting with concern the number of bank holidays between March 28 and April 5, industry body Assocham sought on Thursday 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, normal commercial deals, export shipments, import consignments and salary payments, Assocham said.

It said 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.

"From March 28 till April 6, the banking transactions are going to be affected," it said.

"We would urge the Reserve Bank of India (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.

On the one hand, government wants the economy to be captured in a formal financial architecture, on the other, "this financial architecture is used to long holidays. Now this is not the vibrant business and economic environment which can make India a financial hub", he said.

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