Bank holidays: Assocham seeks RBI intervention

Tribune News Service

New Delhi, March 26

Assocham today sought the intervention of RBI and the government to avoid inconvenience to customers as banks will be out of reach for over a week from March 28 due to holidays.

It said the holiday season, coupled with annual closing for the financial year from March 28 right through the next week till April 5 will result in a lot of disruption in financial transactions in the stock markets, normal commercial deals, export shipments, import consignments and salary payments.

“We would urge the RBI to step in and advise the banks to make some arrangements. With the government being the majority owners of the public sector banks, the Finance Ministry should also prevail on the bank managements to avoid this kind of huge customer inconvenience and widespread disruption to the business environment,' Assocham secretary-general DS Rawat said.

The chamber said while the ATMs would remain operational, there are problems owing to functioning and accessibility.

Besides, there is a limit of cash withdrawals. For all practical purposes, the ATMs at best are doing only the cash vending jobs. 'What about rest of the banking transactions like cheque clearances, letters of credit for the exporters/importers, salary disbursals? The week of holidays from March 28 is going to be a difficult for businesses,” it said.