Long bank holidays likely to cause cash crunch

ALLAHABAD: Two long stretches of holidays in banks in August may lead to cash crunch in ATMs.

According to the 2017 calendar, banks will be closed for nine days in August that include four Sundays, two Saturdays and holidays on Jamashtami, Independence Day and Ganesh Chaturthi. This also includes a proposed nationwide strike of banks on August 22.

The first phase of four-day stretch of holidays in banks has already begun from Saturday (August 12) and will continue till Independence Day on August 15.

Similarly, the second phase of three-day stretch will commence from August 25 and will continue till 27.

“I was unaware about the stretch of holidays in banks and had planned to complete my bank related work on Monday (August 14), as I have to move to New Delhi on August 15. Thanks to timely information about the holidays by a friend, I was able to complete my work on Friday (August 11),” said businessman Abhishek Awasthi.

Similarly, Anita Agarwal, a housewife said she had withdrawn enough money from the ATM to sustain her for the bank holiday duration.

According to calendar, banks will be closed on August 12 as it being a second Saturday followed by Sunday on August 13 with two consecutive holidays on August 14 and 15 for Janmasthami and Independence Day respectively.

Similarly, the banks will also be closed on August 25 for Ganesh Chaturthi followed by fourth Saturday on August 26 and Sunday on August 27.

It is worth mentioning here that the nationalised banks are closed on second and fourth Saturdays. “The banks are well aware of holidays on August 14 and 15 despite closure on Saturday and Sunday. Therefore, they may have made enough arrangement of money in their respective ATMs for the convenience of people,” said a senior official of Sate Bank of India (SBI), Allahabad.