New Delhi: There has been a news floating around in social media that banks are going to close for 5 days from September 1 to September 5, the finance ministry has, therefore, clarified that banks will remain open and there will be no impact on the functioning of ATMs.

The release states, “Banks will only observe holidays on Sunday, 2nd September and second Saturday, 8th September. Monday, 3rd September is not a pan India holiday. ATMs in all States will be fully functional; Banks advised to ensure availability of sufficient cash for dispensation from ATMs.”

According to RBI rule, banks remain closed on second and fourth Saturday. Hence banks will remain open on September 1, the first Saturday of the month. On the eve of Janmashtami , a festival that celebrates the birth of Lord Krishna, most of the banks will remain open on September 3, as it is not a pan-India holiday.

RBI employees are going on mass casual leave on September 4-5 for their demands relating to retirement benefits. Assurances have been given that it will not hamper day-to-day functioning of banks.

National Organization of Bank Workers Vice President Ashwani Rana told news agency IANS, “The message going around in the social media that banks will be closed for six days in the first week of September due to holidays and bank strike is not correct.”

Rana added, “It’s only the RBI employees who are going on mass casual leave on September 4-5 for demands related to to Provident Fund and pension. This will not have much impact on the day-to-day operations of the other public and private sector banks.”

Many media reports earlier stated September may begin with a five-day bank holiday in many states hitting the ATM services.

The demand of the Reserve Bank Officers and Employees forum is to provide an option to the Contributory Provident Fund (CPF) to switch over to pension scheme. The other demand of the forum is to grant additional provident fund (APF) to those recruited in the bank from 2012.