In a significant move, the Central Reserve Bank has scrapped the holiday scheduled for September 28th, which was initially intended to mark Eid-e-Milad.
However, a fresh directive issued by the Central Bank on Wednesday has called off the September 28th holiday and declared September 29th (Friday) as the new holiday.
Financial Markets Stay Active
It’s crucial for both bank customers and employees to note that the holiday originally planned for today will now take place tomorrow.
Following the decision by the Maharashtra Government, the Reserve Bank has decided to observe a bank holiday on September 29th.
Nevertheless, the GSec, Forex, Money, and Rupee interest derivative markets will not only operate today on September 28th but will also remain open on September 29th.
This decision has been made in consideration of the quarterly and half-yearly closings.
Bank Closures Vary by State
It’s important to be aware that bank holidays vary by state, depending on local festivals and observances.
Many states, including Ahmedabad, Aizawl, Belapur, Bengaluru, Chennai, Dehradun, Hyderabad, Imphal, Kanpur, Lucknow, Mumbai, Nagpur, New Delhi, Raipur, and Ranchi, had initially scheduled a holiday on September 28th.
However, due to the Maharashtra Government’s decision, September 29th will now be a holiday in Maharashtra.
Additionally, banks in Gangtok, Jammu, and Srinagar will remain closed tomorrow.
Maharashtra Government’s Consideration
The Maharashtra government’s decision to shift the Eid Milad-un-Nabi holiday to Friday (September 29th) was motivated by the fact that both the immersion ceremony on Anant Chaturdashi
and Eid Milad-un-Nabi fell on the same day, September 28th. Given the large processions associated with both festivals, it could have posed logistical challenges
and made crowd management difficult for the police, necessitating the declaration of a holiday.
Bank Holidays in October 2023
October 2023 comprises 31 days, with 16 of them being observed as bank holidays.
This count includes the second and fourth Saturdays, which are regular days off, along with Sundays.
Additionally, different states will have their own bank holidays on various occasions throughout the month.
