Media reports on 'five-day week' in commercial banks factually incorrect: RBI

The RBI has termed the media report on 'five-day week in commercial banks' as factually incorrect.

MUMBAI: The Reserve Bank of India (RBI) has issued a clarification on media reports suggesting a 'five-day week' in commercial banks based on its instructions.

The RBI issued a statement on Saturday in which it termed the media reports on a 'five-day week' in commercial banks as ''factually incorrect.''

The apex bank of the country said that it has issued no such orders or instructions.

''It has been reported in certain sections of the media that commercial banks would have a five-day week in terms of the RBI instructions. It is clarified that this information is not factually correct,'' Yogesh Dayal, Chief General Manager (RBI), said in a statement.

''The RBI has not issued any such directions,'' Dayal added.

It may be recalled that bankers have been demanding a 5-day week for a very long time, especially since the same has been introduced in central government offices and also adopted by RBI for its own offices.

However, the government has so far rejected this demand, arguing that it will put unnecessary pressure on the general public who might want to do banking transactions or withdraw money on Saturday also.

It was earlier reported that the Indian Banking Association (IIBA) has recommended a 5-day week plan to the Finance Ministry but nothing concrete has come on it till date.

On its part, the RBI had also earlier shelved a plan for additional bank holidays on alternate Saturdays.

The apex bank regulator feels that the infrastructure for keeping key deposit related functions need to be strengthened further before the banks can enjoy a five-day week.