Public and private sector banks in various states are observing a holiday today, Monday, September 16, 2024, on account of Eid-e-Milad-un-Nabi. This significant occasion marks the birth of Prophet Muhammad and is a day of immense celebration for Muslims across the globe. It is recognized as a public holiday in India, and banks are closed in Gujarat, Mizoram, Karnataka, Tamil Nadu, Uttarakhand, Andhra Pradesh, Telangana, Manipur, Jammu, Kerala, Uttar Pradesh, New Delhi, Chhattisgarh, and Jharkhand.
RBI Update on Maharashtra Bank Holidays
According to a recent RBI press release dated September 14, 2024, the Government of Maharashtra has revised its holiday schedule. The public holiday originally slated for September 16, 2024, has been shifted to September 18, 2024. As a result, all financial transactions involving government securities, foreign exchange, money markets, and rupee interest rate derivatives will be suspended on September 18, 2024. Outstanding transactions scheduled for September 18 will be settled the following day, September 19, 2024.
Despite the closure of bank branches, customers can still access online banking services, allowing them to conduct transactions, check balances, and perform various other operations from their homes or on the go.
September Bank Holidays Overview
In addition to Eid-e-Milad, banks will remain closed for various other holidays throughout the month of September, including:
- Ganesh Chaturthi
- First Onam
- Pang-Lhabsol/Visarjan of Lord Ganesha
- Sree Narayana Guru Samadhi Day
- Maharaja Hari Singh Ji’s Birthday
Stock Market Operations
While banks are closed across different states, this does not affect stock market operations. The Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) will remain open on September 16, 17, and 18, 2024, despite the change in Maharashtra’s bank holiday schedule. There have been no changes to the official holiday list for BSE and NSE, which will continue to operate normally during the weekdays in September. Trading in equity, derivatives, commodities, and currency will proceed as usual.
In conclusion, while bank branches may close for these holidays, the Indian stock market will continue its operations without disruption.