This blog is written by Neha Jain. Student of MBA in Financial Analysis (Batch 2014-2016)
On the bright yellow Saturday morning, my sister came running to me that today is the last day for submitting her university fees. I screamed at her that you always recall things at the last moment. Thanks to the banking revolutions that there is a system of online payment through cards and net banking. I quickly check out the balance in my account through mobile banking application. And Ooppppsss….Why it always happens to me, there was not enough balance in my account. I immediately step out from my house to deposit cash in my bank account as it was Saturday and banks were supposed to remain open till 2 pm only. Soon afterwards, I deposited cash and made the payment for university fees.
Thank god it all happens before 1 September as IBA (Indian Bankers Association) has issued notification that 2nd and 4th Saturday of every month will be a full day holiday for all banks.
Trade unions ILO (International Labor Organization) is of the view that stock markets and even RBI (Reserve Bank of India) remain close on Saturdays. Some people also argue that although the Saturdays were half days for banks; work load for the bank employees is the same as of full day.
But what I feel is business and personal transactions are really going to hampered due to two days closure of banks between Friday and Sunday in the second and fourth week of the month. Currently it takes T+1 or 2 working days for clearing of local cheques but if you deposit your cheque on 2nd Friday of the week for clearance, it will get credit in your account on Tuesday or Wednesday. Moreover, you will have to face a hard time to remember that when will be 2nd and 4th Saturday of the week if you are not aparent (school students generally have their school off on 2nd and 4th Saturday).
By the way, I want to congratulate all the bank employees to be able to fetch two more holidays in a month. This was the first thing that came to mind to text a congratulating message to one of my friend who is a bank employee, after reading the notice of bank holiday.