Banks to remain close for 4 days, ATMs may run out of money as long weekend awaits

Banks to remain close for 4 days, ATMs may run out of money as long weekend awaits

If you are running low on cash or need to visit your bank, you have time till Thursday, as the banks would remain close for three days as the long weekend awaits.

The banks would not work on March 29 on account of Mahaveer Jayanti followed by a holiday on Good Friday, however, Saturday would be working for the banks.

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On April 2, banks will observe an annual closing as the new fiscal would start.

Since, the banks would be closed, there are high possibilites that the ATMs would soon run out of money too.

Meanwhile, former NITI Aayog vice chairman Arvind Panagariya has made a strong case for privatisation of public sector banks with the exception of SBI, saying that political parties serious of forming government in 2019 should include the proposal in their manifesto.

Panagariya, who is currently a professor of economics at Columbia University, further said that predominance of scandals and NPAs in PSBs is only one albeit important reason for privatisation of PSBs.

“I firmly believe that privatisation of all PSBs except perhaps the State Bank of India should be on the election manifestos of all parties who wish to present themselves as serious candidates to form the government in 2019,” he said in an interview to PTI.

Panagariya was replying to a query related to the recent banking frauds, including nearly Rs 13,000 crore at Punjab National Bank (PNB).

The eminent economist further argued that efficiency and productivity too demand that the government relinquish its control of the large number of banks whose market valuation has dwindled despite the fact that they hold the bulk of the deposits.

Panagariya noted that it is disingenuous to argue, as many advocates of PSBs do, that achieving social goals of lending requires two-dozen banks in the public sector.

“The fact of the matter is that private sector banks have often performed better than public sector banks in delivering on their priority-sector-lending obligations,” he pointed out.

Source by:-dnaindia

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