Geo Business

Banks to observe Saturday-Sunday off

KARACHI: State Bank of Pakistan (SBP) and commercial banks would be observing Saturday and Sunday as weekly holidays from October 15, Geo News reported. There will be an exemption for a few branches located in the commercial centres as they would remain open on Saturday as well. An SBP handout issued here said the Central Bank most branches of commercial banks would remain open five days a week, following the federal government’s announcement of two weekly holidays in government and semi-government organizations under a vigorous energy saving campaign. The handout further said that banking hours for Monday-Thursday would be 9.00 A.M. to 5.00 P.M., while on Friday the transactions in banks would continue up to 6.00 P.M. According to the Central Bank, some bank branches in commercial areas would remain open on Saturday with prior permission of the Central Bank. Commercial banks have been asked to submit a list of branches which would remain open. People in reaction said that drawing cash from the ATMs of the banks had already been a great hassle for them and now two-day a week holiday would further add to their miseries. Industrialists said that the two days a week holiday for the banks would be adversely affecting the exports as well as the imports of the country.