Banks shut for six days? Finance Ministry clears the air

Rumours have been doing the rounds on social media that banks across the country would remain closed for business in the first week of September.

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New Delhi: Amid rumours that banks across the country would remain closed for six days in the first week of September, there has been considerable panic among people at large. The Ministry of Finance on Friday, however, struck down any such move and said that banking business would be carried out as usual.

There have been messages circulating on social media in recent days that some or all banks in the country would remain closed for business due to holidays, bank strikes, or both. The Finance Ministry however said there is no truth to such misinformation being spread through social media channels. "It is hereby clarified that banks will remain open and banking activity will continue unimpeded in the first week of September," said a release. "Banks will only observe holidays on Sunday, 2nd September and second Saturday, 8th September. Monday, 3rd September is not a pan India holiday and banks only in some States where a holiday is declared under the Negotiable Instruments Act, 1881 will remain closed."

The Finance Ministry further highlighted that even on days when certain banks are shut, ATMs in all states would be functioning as usual and that there won't be any impact on online transactions either. Banks have also been instructed to keep ATMs stocked with cash so that customers face no hassle when trying to withdraw money.