Eid-Milad: The bank calendar is one of the most important schedules people need to stay up-to-date with, though it can be easy to lose track of these holiday dates in day-to-day life.
As the nation celebrates the festival of Eid on Monday, many are confused whether it will be a bank holiday or not. It was previously announced that all banks in India will remain closed on September 16. However, as per the latest press release by the RBI (Reserve Bank of India), the holiday has been shifted from September 16 (Monday) to September 18 (Wednesday).
On September 14, the bank announced that the Government of Maharashtra had updated its public holiday schedule. As per the latest update, the coming Wednesday will now be considered a public holiday under Section 25 of the Negotiable Instruments Act, 1881, replacing the previously declared holiday.
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"The Government of Maharashtra has declared September 18, 2024 as a public holiday under Section 25 of the Negotiable Instruments Act, 1881. The public holiday on September 16, 2024 declared earlier has been cancelled. Accordingly, there will be no transactions and settlements in Government securities, foreign exchange, money markets and rupee interest rate derivatives on September 18, 2024," the press release by the apex bank stated.
"Settlement of all outstanding transactions due on September 18, 2024 (Wednesday) will get postponed to the next working day, i.e., September 19, 2024 (Thursday)," the release further added.
While banks will remain closed, online services and transactions including UPI payments will remain accessible. Additionally, September is expected to be a relatively quiet month for institutions as the festive season kicks off in the country. Several holidays are anticipated throughout the month. As per the government calendar, nearly 14 holidays including weekends are expected in September. However, it's important to note that these holiday schedules might vary from region-to-region.
