Consumers may face trouble due to long stretch bank holidays

• Posted by sujana g March 27, 2015 - Filed in Society - #Consumers  #face trouble  #long stretch bank holidays  - 552 views

  Everyone is aware of the bank sector and annual closing of accounts time for the financial year. The latest news we heard that consumers may face troubles due to the string of holidays which are lined up one after the other, which may disrupt the consumers financial transactions along with the stock markets.

  These include exports and salary payments. Hence, the Associated Chambers of Commerce & Industry of India (Assocham). It said the Reserve Bank of India and the Centre should make some alternative arrangements to avoid a crisis.

  

  D S Rawat secretary of Assocham said, “We would urge the Reserve Bank of India 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”.  

  Getting deep into the news from March 28 consumers are going to face the problem as March 28^th is Ram Navami, which falls on Saturday and followed by Sunday. Later on Monday i.e. on March 30^th the banks will open but due to annual financial closing on March 31^st and April 1^st the bank staff would be out of reach to the public. Mahavir Jayanti falls on April 2^nd so it’s again a public holiday followed by April 3^rd again a holiday for Good Friday.  

  According to Assocham, “A large number of ATMs do not work properly. Besides, they are not even well spread. There would be a cluster of ATMs and then you might not find them for kilometres at a stretch even in big cities.” 

  Assocham concluded, “As it is, our exports are in a state of disarray with 15 per cent de-growth (fall) in February. These holidays would certainly tell upon the export figures for March and April, when the figures for these months are released”.  

   Stay tuned for more news..