Bank Holiday on Eid: Branches to remain closed on Sept 16 or Sept 18? RBI clarifies

Mumbai: The Reserve Bank of India has altered its monthly holiday calendar to shift the Eid holiday for banks to September 18, 2024, from September 16, 2024, following a similar move by the Maharashtra government. The state government first notified the change in holiday after the Muslim community, in a move that shows communal amity, agreed to celebrate Eid a day later since September 17, 2024, is the last day of the Ganesh Chaturthi celebrations, called Anant Chaturdashi.

The Muslim community will now take out their Eid-e-Milad procession on September 18, 2024, instead of September 16, 2024. The move is also aimed at ensuring that there are no logistical bottlenecks in the country’s financial capital on account of the festive procession planned by the two communities.

Bank Holiday on September 18, 2024

The Reserve Bank of India in a post on social media platform X stated that there has been a change in public holidays under the Negotiable Instruments Act. “No Transactions and Settlements in Government Securities, Forex and Money Markets on September 18, 2024,” the RBI said.

परक्राम्य लिखत अधिनियम के अंतर्गत सार्वजनिक अवकाश में संशोधन – 18 सितंबर 2024
Change in Public Holiday under Negotiable Instruments Act – No Transactions and Settlements in Government Securities, Forex and Money Markets on September 18, 2024https://t.co/xQVL7depcF

— ReserveBankOfIndia (@RBI) September 14, 2024

As a result all banking transactions scheduled for September 18, 2024, will be settled on September 19, 2024. Settlement auctions of state government securities which were conducted on September 17, 2024, will take place on September 19, 2024, instead of September 18, 2024, according to the central bank. The marginal standing facility and standard deposit facility availed on September 13, 2024, will now be reversed on September 16, 2024, instead of September 17, 2024.

According to the RBI’s September monthly holiday calendar, banks are closed in Sikkim on the occasion of Pang-Lhabsol. Meanwhile, Eid-e-Milad bank holiday will be marked in:

 The Reserve Bank of India has changed the date of banks’ Eid Holiday following a Maharashtra government directive.  Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today