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RBI didn’t release a circular granting 5-day working week for banks

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Many Posts, with a description: ‘Bank will be remained closed on every Saturday’, are being shared again on Facebook but this time with an image of RBI circular. So, let’s try to check the authenticity of the image in the post and whether banks will have Saturday off every week.

The archived version of the post can be found here.

Claim: RBI issued a circular approving 5 days working for banks.

Fact: The image in the post shows an RBI circular on RTGS. It does not have anything regarding the 5-day work week for banks. Also, RBI had already issued a press release in April denying the claims on this issue. Hence the claim made in the post is FALSE.

When searched on Google with the title of the circular in the image, the circular can be found in the ‘Notifications’ section on the RBI website. So, the circular in the post is authentic but is not related to 5 days work week for banks. The circular is about extension of timings for customer transactions related to RTGS (Real Time Gross Settlement). Similar fake news (without any circular/notice) was condemned by the RBI in a press release in April, 2019.  Also, FACTLY has already written a fact-check article on this issue when it went viral a month back.

To sum it up, RBI didn’t release a circular granting 5-day work week for banks. The circular in the post is related to extension of timings for RTGS transactions.

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