SBI branches may stay closed May 23–28 amid staff strike, Eid

SBI branches across the country are likely to remain closed for up to six consecutive days from May 23 to May 28 as a convergence of weekend rules, a proposed two-day staff strike and Reserve Bank of India-declared Bakrid holidays disrupt normal branch services, officials and employee groups said on Friday.

What’s happening
According to bank sources and union notices, May 23 falls on the fourth Saturday of the month and is already a scheduled banking holiday, while May 24 is Sunday. The All India State Bank of India Staff Federation (AISBISF) has announced a two-day strike on May 25–26, aimed at pressuring management to address 16 demands. RBI has additionally declared holiday(s) for Bakrid on May 27 and in some regions on May 28, which means many SBI branches could remain shut through the latter half of next week.

Operations affected
Local branch staff and customers in New Delhi and several state capitals said branch counters will be unavailable for routine cash deposits, withdrawals, passbook printing and on-counter services through the period. “Customers should complete branch-related work by end of day on May 22,” a senior bank official advised, requesting anonymity. Automated services such as ATMs, YONO and digital banking platforms including NEFT, RTGS and IMPS are expected to operate normally, officials added.

Union demands
The AISBISF has listed 16 demands prompting the strike. Key items include immediate recruitment for vacant Class IV (messenger) posts, adequate armed guards, a ban on permanent outsourcing of bank functions, fixes to the HRMS software, improvements to the medical reimbursement scheme and restoration of a workmen-category director on the bank’s board. The union has also asked for parity in pay and conditions, review of the career progression scheme, inclusion of all allowances in pension calculations for certain retirees, and an end to aggressive cross-selling practices.

Why it matters
Most routine counter services will be suspended while cheque clearing, cash-counter operations and passbook updates are likely to slow or pause. “Since this is a workmen-category action, front-line operations will be hit,” a union office-bearer told reporters. Customers relying on branch-only services — large cash deposits, demand drafts, tax challan deposits or new account openings — will have to postpone those transactions or use alternate arrangements.

Ground reality
On Friday morning, queues at several major ATMs in Mumbai’s central business district and in Bhopal were longer than usual as customers withdrew cash ahead of the weekend. Bank staff at a suburban Delhi branch said they had informed regular customers about limited services and posted notices at branch entrances. In Jammu and Kashmir, where RBI has specified both May 27 and 28 as holidays, the impact is expected to be deeper.

Official inputs
SBI’s corporate communications office said it was “monitoring the situation” and urged customers to use digital channels. RBI’s holiday calendar, which sets regional festival holidays, has already listed Bakrid observances for late May, and state-level variations mean some branches will see different combinations of holidays.

Customer advice
Officials recommend customers plan urgent branch visits before the close of business on May 22, use YONO or internet banking for transfers and enquiries, and verify ATM availability for cash needs. Businesses that rely on cheque clearing or on-counter services should notify clients and plan for processing delays.

Possible next steps
Union leaders have said the strike is a show of strength to start bargaining; talks may follow if management engages. The bank has not announced contingency staffing or special arrangements beyond digital services. Observers say the confluence of scheduled weekend closures, holidays and industrial action makes short-notice recovery difficult, and normalisation could take time once staff return.

What to watch
Watch for any last-minute climb-downs from the union, management statements on contingency measures, or RBI circulars clarifying regional holiday observance. Customers should keep an eye on SBI’s website and official social handles for real-time updates.

In a dramatic escalation, gold prices in India have shattered records, climbing to ₹1,59,027 per 10 grams for 24-carat gold, marking a ₹4,717 increase in just one day. This surge, coupled with silver's leap to ₹3,42,507 per kg, underscores mounting economic uncertainties and offers critical insights for investors navigating volatile markets.

The spike comes amid heightened global tensions and domestic currency woes, making gold prices in India a hot topic for savvy investors. As the rupee hits an all-time low of ₹91.10 against the dollar, these precious metals are emerging as safe havens in an unpredictable economic landscape.

Why Gold Prices in India Are Skyrocketing

Experts attribute the rally to three pivotal factors:

- Geopolitical Instability and the 'Greenland' Dispute: US President Donald Trump's push to acquire Greenland, backed by tariff threats against Europe, has rattled global markets. "When trade war fears intensify, investors pivot from stocks to gold," notes Jatin Trivedi of LKP Securities. This shift has amplified demand, pushing prices upward.

- Rupee's Historic Low: Gold prices in India are heavily influenced by the dollar-rupee exchange rate. The rupee's weakness has inflated import costs, making domestic gold exorbitantly priced. Since December 31, 2025, gold has risen by ₹25,832 per 10 grams.

- Central Banks' Aggressive Buying: Institutions like India's RBI are bolstering reserves with gold. World Gold Council data shows sustained demand from 2025 spilling into 2026, creating a supply crunch amid high interest.

These drivers highlight why gold investment remains relevant in today's commodity market trends, especially as Middle East tensions loom.

Silver's Meteoric Rise: Industrial Boom Meets Tariff Fears

Silver prices have outpaced gold, surging ₹1,12,087 in just 27 days to ₹3,42,507 per kg. Key reasons include:

- Soaring Industrial Demand: Used extensively in solar panels, electronics, and electric vehicles, silver is now a critical industrial metal beyond jewelry.

- Trump's Tariff Threats: US firms are stockpiling silver to preempt shortages, exacerbating global supply issues.

- Manufacturers' Preemptive Purchases: Fears of production halts are fueling advance buying, with experts predicting continued upward momentum.

Dr. Renisha Chainani, Research Head, forecasts gold could hit ₹1,90,000 per 10 grams and silver ₹4 lakh if tensions escalate, urging investors to act strategically.

Practical Takeaways for Investors

For those eyeing gold investment, prioritize quality:

- Buy only BIS-hallmarked gold to ensure purity (e.g., check alphanumeric codes like AZ4524).

- Verify daily rates from sources like the India Bullion and Jewellers Association before purchasing, noting variations across 24-carat, 22-carat, and 18-carat.

To spot real silver:

- Magnet Test: Authentic silver isn't magnetic.

- Ice Test: Ice melts rapidly on genuine silver.

- Smell Test: Real silver is odorless; fakes may smell like copper.

- Cloth Test: Rubbing leaves a black mark on true silver.

These tips empower readers to make informed decisions in the commodity market.

In conclusion, the surge in gold prices in India and silver reflects broader economic shifts, from Trump's policies to industrial needs. As banks remain closed for a fourth day amid disruptions, investors should monitor these trends closely. For more, read about cash transaction halts or Canada's response to US tariffs—staying ahead could safeguard your portfolio in 2026's volatile economy.