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| - Fact Check: No, banks are not going to have five-day week
Will banks remain closed every Saturday from now on?
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India Today Fact Check
There is no change of rules regarding opening of banks on Saturdays.
A viral post on social media claims that from June 1, all banks in India will remain open only from Monday to Friday and will no longer operate on Saturdays.
India Today's Anti Fake News War Room (AFWA) has found the claim to be hoax that has been surfacing repeatedly on social media since 2017.
The claim
On June 7, 2019, Facebook user Mir Imtiyaz posted a screenshot of what he claims to be a notification from the Reserve Bank of India (RBI).
In the post, the user says that the RBI notification, dated May 28, 2019, is an announcement that banks will henceforth work for only five days a week - from Monday to Friday between 8.30 am and 6.30 pm.
The post has been shared more than 500 times. The archived version of the post can be seen here
The finding
AFWA has found that the screen grab posted with the claim has nothing to do with bank holidays. The document reads "Real-time Gross Settlement (RTGS) System - Extension of Timing for Customer Transaction". In the second paragraph, it is written, "It has been decided to extend timings for customer transaction in RTGS"
The original document shared by Mir Imtiyaz regarding RTGS timing is present on the website of RBI and can be seen here.
As the same claim has been doing the rounds on social media since 2017, RBI had decided to come out with a clarification. AFWA found an RBI press release issued on April 20, 2019, refuting the social media claim.
It reads, "It has been reported in certain sections of the media that commercial banks would have a five-day week in terms of RBI instructions. It is clarified that this information is not factually correct. RBI has not issued any such directions."
What is RTGS
According to RBI, "RTGS stands for Real Time Gross Settlement. It is a system where there is continuous and real-time settlement of fund-transfers. 'Real Time' means processing the instructions at the time they are received; 'Gross Settlement' means that the settlement of funds transfer instructions occurs individually."
A large section of the media has reported about it. A few fact check websites have also debunked the claim in the past.
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You can also send us an email at factcheck@intoday.com
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