Now Reading: Banks closed in several states on August 26 for Eid-e-Milad and Onam
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Banks closed in several states on August 26 for Eid-e-Milad and Onam
Banks remain closed in several states on August 26, marking the celebration of Eid-e-Milad, also known as Id-e-Milad/Baravafat, and Thiruvonam, the main day of the Onam festival in Kerala. The closures apply…
Banks remain closed in several states on August 26, marking the celebration of Eid-e-Milad, also known as Id-e-Milad/Baravafat, and Thiruvonam, the main day of the Onam festival in Kerala. The closures apply to both public sector banks including SBI, Bank of Baroda and Canara Bank, and private sector lenders such as Axis Bank, HDFC Bank and ICICI Bank, as per the RBI holiday calendar.
Only banks in states where these festivals are observed will shut: Eid-e-Milad is observed in Jammu and Kashmir, Uttar Pradesh and Bihar among others, while Thiruvonam spreads across Kerala. Customers should check their local branch status before visiting. Digital banking and ATMs remain available as usual.
Indian Opinion Analysis
The RBI classifies bank holidays under three categories: holiday under the Negotiable Instruments Act, Real Time Gross Settlement holiday, and bank closing. The closures on August 26 fall under the last category, which allows banks to decide branch closures for local festivals, subject to central board approval. In Kerala, Onam is the state's largest festival and banks typically close for Thiruvonam, the main day. For customers needing urgent transactions, NEFT and RTGS systems remain operational on most holidays, only national holidays shut the real-time gross settlement system fully. The next cluster of bank closures will follow with Ganesh Chaturthi and Muharram in September.
Source: indiatvnews.com
This brief was synthesised by AI from the source linked above.
