If you don’t have much cash or have any financial transaction to be done in your bank, you have got no time after Thrusday, at least for a 4 days, as all the banks are slated to be closed for at least three days due to a long weekend ahead.

The banks will be closed from March 29 on account of Mahaveer Jayanti followed by a holiday on Good Friday. However, Saturday would be working day for all banks.

And on April 2, banks will be closed again and this time for the reason of annual closing as the new fiscal would start.

As the banks will be closed, high possibilities remain that many ATMs will dry up soon with no money left for the needy.

In the meantime, former NITI Aayo vice chairman Arvind Panagariya has raised the issue of privatization of public sector banks with the exception to SBI. He said that any political party that wants to form a government in 2019 polls seriously should include the proposal in their manifesto.

The main reason according to panagariya, who is a professor of economics at Columbia University, that the predominance of scandals and NPAs in Private Sector Banks is the only reason that urges for the privatization of PSBs.

“I firmly believe that privatization 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 responding to a query about the recent banking frauds, including nearly Rs 13,000 crore at Punjab National Bank (PNB).

The economist also argued that efficiency and productivity too demand that the government relinquish all its control of huge number of banks whose market valuation is not upto the mark and has dwindled inspite the fact that they have got bulk deposits.

Panagariya also 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.

Immediately after the demonetization move announced by Prime Minister Narendra Modi on 8^th November 2016, there have been a lot of reports around the country of cash shortage in ATMs as well as banks.  But it went on in the same manner for many months with no proper supply of cash to ATMs. As a result many people were not able to perform their scheduled transactions resulting in a huge loss to the economy of India. Few days ago Rahul Gandhi attacked PM Modi over the same issue while he was campaigning for his party in Karnataka.

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