Next week, public and private banks across India will observe closures in observance of Eid-e-Milad and Ganesh Visarjan. However, these closures will vary from state to state. Here's everything you need to know.
Nationwide and State-Specific Bank Holidays
Eid-e-Milad Holiday Adjustment
On Monday, September 18, all public and private banks, including the State Bank of India (SBI), will remain closed for Eid-e-Milad. This follows a decision by the Reserve Bank of India (RBI) and the Maharashtra government to shift the public holiday from its original date of September 16. The change was made in consultation with Muslim community leaders to avoid a clash with Anant Chaturdashi or Ganesh Visarjan celebrations, both of which occur within the same week.
State-Specific Bank Closures
In addition to the nationwide Eid-e-Milad holiday, several states will observe their own specific holidays. For instance:
- Sikkim: Banks will be closed on September 17 for Indra Jatra.
- Kerala: Banks will observe a holiday on September 18 for Sree Narayana Guru Jayanti.
Digital Banking Services Unaffected
While physical bank branches will be closed, digital banking services will continue to operate as usual. This includes online banking, mobile banking apps, and ATMs, which will remain accessible for transactions such as fund transfers, bill payments, and cash withdrawals. Only services requiring in-person visits or transactions dependent on bank personnel will be affected by the holiday.
Long Weekend Opportunities
The week following Eid-e-Milad presents an opportunity for a long weekend in certain states:
- Kerala: Observes Shree Narayana Guru Samadhi on September 21, followed by the nationwide Sunday holiday on September 22.
- Haryana: Marks Heroes' Martyrdom Day on September 23, leading to another regional bank holiday.
Planning Ahead
In total, banks across India will observe at least 14 holidays in September 2024, including second and fourth Saturdays, Sundays, and various religious and regional holidays. The RBI, in conjunction with state governments, publishes a list of bank holidays each year based on local and national events, as well as cultural and operational requirements.
Summary
While these holidays may interrupt some services, digital banking ensures that essential operations continue, reducing the impact on customers. It is crucial for customers to check with their local branches or bank apps for precise information regarding holiday schedules in their regions and plan their banking activities in advance to avoid any disruptions due to the closures.
By understanding these closures and utilizing digital banking services, customers can effectively manage their banking needs without inconvenience during this festive period.