Should banks must work like pharmacies?

The owner of a retail shop asked me a question which initially I found provocative. His question was why banks do not work in rotation the same way as pharmacies do. I wanted to ignore his question and brush it aside. But at the same time I was surprised by this question. Responding to this, I posed a question to him saying if there were any patients from businessmen and entrepreneurs. He said yes. Till I got this reply, I did not realise the nature of this illness. He started saying that actually the problem was that he did not know where to keep his money which he gets from sales during holidays. He said that it was his real problem and concern.

Who would keep his money till the banks are open after nine or 10 days of holidays?

We carry RO 8,000 to 9,000 to our homes everyday, which in 10 days multiplies to be more than RO 80,000. I am continuously concerned about the safety of this amount. I asked him if he has no safe at his shop. His surprising response was that are you assured of it. Then I told myself that it was a good idea that the functioning of banks are not affected during holidays or even weekends including Saturdays. Many people carry out many types of sales and purchases on weekends. This is the practice in some of the neighbouring countries as well. The businessman who raised the issue wanted me to float the idea so that somebody might hear.

I also pondered over the idea, and honestly thought about the problem personally being faced by this businessman and others in his sector. I was fully convinced about the idea that we need to revisit the issue of banks and their branches working in rotation in all the governorates of the Sultanate of Oman, at least two branches in each governorate to cover the commercial activities during holidays to meet the requirements of cash transactions.

It is a reality that the banking sector is like any other commercial activity which should not stop during holidays. Instead, the need for such facilities increases during holidays and vacations. Therefore, it is the responsibility of the banking sector to look into the matter as part of its services which

should be ideally made available all days in a week, and do not stop whatever be the reason.

We in the Sultanate are trying to enhance businesses and regulating them so that people directly benefit from it and the national income increases.

In neighbouring countries, banks are open on holidays as one of the activities which support thriving businesses on vacations. They operate on a shift system same as that of pharmacies. Both of them provide unobstructed services in these countries.

Some may argue that electronic transactions via mobile can solve the problem. This is true. But all banking transactions are not possible through this. This includes withdrawal through cheques and deposit of large amounts of cash. Such things require that the banks remain open.

If banks are open for longer hours and do not close during holidays, they would certainly play a major role in enhancing commercial activities in the country. The confidence of common people as well as entrepreneurs would grow in the banking services leading to further economic growth.

We are hopeful that the banking sector would respond to this observation and work on innovative ideas to introduce unobstructed services even during holidays and weekends.