Reserve Bank of India has clarified that it has not issued any direction with regard to a 5-day a week working for commercial banks.
India’s central banking institution Reserve Bank of India (RBI) on 20th of April clarified that it has not issued any direction with regard to a 5-day a week working for commercial banks.
The RBI in a statement stated, “it has been reported in certain sections of media that commercial banks would work 5 days a week according to the instructions given by RBI. It termed the reports as factually incorrect.”
The RBI said, the bank has not issued any such directions.
At present, branches of commercial banks observe holiday only on 2nd and 4th Saturday of a month apart from Sunday.
The main objective of RBI is to undertake consolidated supervision of the financial sector comprising commercial banks, financial institutions and non-banking finance companies.
The RBI is also active in promoting financial inclusion policy and is a leading member of the Alliance for Financial Inclusion (AFI).
RBI is also known as banker’s bank.