Holidays such as Buddha Purnima and Maharashtra Day lined up this week, banks in many states will be closed on both days. With that, some states will observe a four-day-long extended weekend.
Currently, banks across the country are closed on the second and fourth Saturday every month. April 28 was the fourth Saturday. While Buddha Purnima is on April 30 this year, May 1 marks the Maharashtra Day as well as Labour Day holiday.
Therefore, banks in some states will remain shut from Saturday through Tuesday. Customers should check with their bank to check whether it is open on any of these days (till May 1, 2018).
Meanwhile, the interbank foreign exchange (forex) market is closed on Monday for the Buddha Purnima holiday. The stock markets will be closed on Tuesday for the Maharashtra Day holiday.
Here are five things to know about the four-day bank holiday in some states:
1 Banks will take steps to keep ATMs replenished, a banker said. But internet banking and mobile banking will remain operational, he added.
2 However, not all banks in all the states will be shut on Monday and Tuesday. Banking holidays are decided according to the Negotiable Instruments Act.
3 On Buddha Purnima, April 29, banks in Maharashtra, Delhi, West Bengal, Madhya Pradesh, Uttar Pradesh and Haryana will be shut, according to Dhanlaxmi Bank’s website – dhanbank.com.
4 On Labour Day, May 1, banks in Kerala, Tamil Nadu, Karnataka, Andhra Pradesh, Telangana, Maharashtra, Goa, and West Bengal will be closed, according to the bank.
5 Earlier this month, severe cash crunch was reported in some parts of the country. ATMs in Karnataka, Maharashtra, Andhra Pradesh, Rajasthan, Uttar Pradesh, Madhya Pradesh and Telangana went dry. The Reserve Bank of India (RBI) then asked banks with surplus cash to help other banks facing shortage of funds.>