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No, RBI hasn’t approved 5-day work week for banks. It’s a fake news

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Many Facebook users are sharing a post which alleges that banks will remain closed on every Saturday from 1st June as RBI has approved 5 day work week for banks. Let’s try to analyze the veracity of the news posted.

The archived version of the post can be seen here.

Claim: RBI has approved 5-day work week for banks from 1st June.

Fact: The last press release from RBI regarding bank holidays is on August 28, 2015. As per that press release, all scheduled and non-scheduled banks – public, private, foreign, cooperative, regional rural and local area banks – will observe a public holiday on second and fourth Saturdays from September 01, 2015. Hence, the claim is FALSE.

When searched for any information from RBI regarding the changes in bank working days, it is found that news regarding 5-day work week for banks has been doing rounds since 2017. On visiting RBI’s website, the last press release from it regarding the bank holidays is on August 28, 2015. As per that release, all the banks will observe a public holiday on second and fourth Saturdays from September 01, 2015.  Since then, there is no change in the bank timetable as alleged in the post.

Also, the Reserve Bank of India (RBI), in a press release has clarified that no such instructions have been issued with regards to a 5-day work week.

Hence, the news regarding RBI approving 5-day work week for banks from 1st June is fake.

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