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The Finance Ministry, in exercise of powers conferred under the Negotiable Instruments Act, 1881, on Thursday issued a notification declaring the second and fourth Saturday of every month as public holiday for banks in India, with effect from September 1.
What this means is that the first Saturday holiday for banks will be on September 12, which is a second Saturday.
Second and fourth Saturday holiday for banks is as per the 10th bipartite wage settlement between the Indian Banks' Association and banking sector trade unions.
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