Banks to be closed for 5 days starting September 1? Why you should rush to complete your transactions

If you have some important banking transactions to carry out, then make them as early as possible as banks across the country may remain closed for 5 days.  Banks will reportedly remain shut from September 1.  According to reports, as Saturday falls on September 1, banks in some states might not work. However, it should be noted that mostly banks work on the Saturday in the country - except second and fourth Saturdays. 

September 2 is Sunday so there will be a holiday, followed by Janmashtmi on Monday i.e September 3. Reserve Bank of India employees are going on a two-day strike on September 4 and September 5, due to which banking operations will be affected, according to a DNA report.  The United Forum of Reserve Bank Officers and Employees have said that its members will go on mass casual leave on September 4 and 5, over long-pending demands over pension related issues.

United Forum also held a silent demonstration near the RBI office which witnessed the participation of various leaders, the report said.

"RBI staff members have waited too long and the limit of patience is crossing and are left with no alternative but to observe two consecutive days strike action ( Mass casual leave on September 4 and 5, 2018)," United Forum said.

Meanwhile, the largest bank in India, SBI has changed names and IFSC codes of about 1,300 branches across the country. The bank took this step after the merger of six associate banks and Bhartiya Mahila Bank (BMB) with State Bank of India (SBI) came to effect from April 1, 2017 resulting into increase in size and valuation of the bank.

A total of 1,295 branches across the country changed the IFSC codes after rationalisation/merger with associate banks and BMB, as per the list on its website.