Banks remain open on 1st of Ramazan

Staff Reporter


The President Lasbela Chamber of Commerce and Industry (LCCI), Ismail Suttar has demanded of the State Bank of Pakistan to remain open on 1st of Ramazan, instead of closing down all the bank branches causing massive financial losses to the economy. “There seems no reason why the banks take a day off on the first of Ramadan every year on the pretext of deducting Zakat from the savings account”, questioned Ismail. This holiday was justifiable in days when there used to be ledgers and registers with manual entries and staff at the banks used to sit late hours on ‘chand raats’ to calculate Zakat on saving accounts with calculators in hand with tremendous concentration where the clerks used to do the initial calculations whereas the senior management used to verify those entries and calculations. Yes that was the time when a holiday was justified after a tedious day of very hard labour by the banking staff. Today much more calculation is done at each and every branch with a click of a button on a daily basis calculation of billions of interest of various clients plus at the same time managing hundreds of products under different brands paying different percentage of interest.


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