Indian Banks

The Reserve Bank of India (RBI) has announced that Banks will remain close for 15 days in August due to national and state-specific holidays across India. Notably, the regular holiday includes five Sundays, second and fourth Saturdays of the month. Moreover, owing to Muharram and Janmashtami banks won't open on August 19 and 30. Besides, banks won't open on August 13, 16, 19, 20, 21, 23, 30, and 31.

Opposing the privatisation of public banks, United Forum of Bank Unions has planned a two-day strike from March 15. The strike will supposedly hamper functioning of all major banks, including SBI, as "about 10 lakh bank employees and officers of the banks will participate in the strike". Alarmed by the government’s privatization strategy, the protest is against the Finance Minister's call to privatise two more banks in the Union Budget 2021… read-more

The members of the All India Bank Employees' Association have come out in support of the ongoing farmers' protest against the farm law. Moreover, officers' unions such as All India Bank Officers’ Confederation, All India Bank Officers’ Association have asked the government to resolve and break the deadlock. The bank unions have collectively voiced, "Our nation needs peace and main stakeholders of the nation should not be made to suffer”.

Large and mid-sized private banks in India are predicted to gain higher market shares compared to the public banks in the medium term. A credit rating agency by the name "Fitch Ratings", predicted the statement on September 3. It stated that private banks witnessed an annual growth of 19.6%, compared to 8.5% of the public banks. It further stated that state banks were constrained by unpaid loans, larger losses, and weaker capitalization.