In some states, banks will be closed for business today, September 17, 2024. The states where public sector and private sector banks will be closed today are Sikkim and Chhattisgarh. Regional rural banks, that serve a large section of the rural population, will also remain closed for business. In Maharsahtra, there will be no transaction in govt securities, forex and money markets. Sikkim is celebrating Indra Jatra, while Chhattisgarh is observing Milad-Un-Nabi.
According to the Reserve Bank of India (RBI), trading in government securities will remain closed on September 18 since the Maharashtra government has declared a public holiday for this date under Section 25 of the Negotiable Instruments Act, of 1881. Simultaneously, market markets and foreign exchange markets, too, will be closed for business.
Securities, forex, money markets closed
Further to the state government communication, the RBI said in a statement, “Accordingly, there will be no transactions and settlements in Government securities, foreign exchange, money markets and rupee interest rate derivatives on September 18, 2024. 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).” This RBI communication was issued on September 14.
Bank closed in September in these states
It is important to note that in some states private as well as public sector banks will remain closed for business in September. The states are: Jammu and Srinagar (September 20), Kerala (September 21), Jammu and Srinagar (September 23 and September 25).
On Monday, September 16, public sector, private sector and RRBs were closed for business Eid-e-Milad, a day when the birth of Prophet Muhammad was celebrated. Though the stock markets were open for trading, business was truncated since clearing and settlement did not take place on Monday.
Settlement is extremely significant to the investor community since it involves the exchange of securities and money. It can take place on a normal business day. Settlements could not be carried out on September 16 since clearance of trades and payments were not processed on that day.
According to an RBI communication, securities, forex, money markets and rupee derivatives markets will be closed in the financial capital of the country on Tuesday. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
