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If you are planning to go to the bank branch today, Wednesday, August 26, to deposit money, clear a check or settle any other important paperwork, then definitely read this news before leaving the house. According to the official holiday list of the Reserve Bank of India (RBI), today there will be a holiday in public and private sector banks in many major states and cities of the country.
Due to religious and cultural festivals, the central bank has declared this holiday under the Negotiable Instruments Act. However, this holiday is not implemented simultaneously in all the states across the country, but is decided state-wise on the basis of religious beliefs and local government notifications. Therefore, while in many cities the main shutters of bank branches will remain closed, in some states the functioning will continue smoothly like normal days.
Why has RBI given holiday to banks today on 26th August?
The main reason for bank holiday on 26th August is the festival of Eid-e-Milad-un-Nabi / Barawafat, the birth anniversary of Prophet Mohammad. The festival of Milad-un-Nabi is celebrated with great devotion and devotion all over the world and in India on the 12th of Rabi-ul-Awal, the third month of the Islamic lunar calendar.
On this occasion, various state governments and RBI have notified gazetted and public holidays for bank employees and citizens. Apart from this, in the South Indian state of Kerala, this day is also associated with the celebration of the traditional harvest festival Thiruvonam / Onam, due to which banking services have also remained closed there.
In which states and cities will banks remain closed?
According to the holiday calendar of the Reserve Bank, bank branches will remain closed in most of the big states of the country today. These mainly include the following states and union territories:
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North and Central India: Delhi-NCR, Uttar Pradesh (Lucknow, Kanpur, Varanasi etc.), Madhya Pradesh (Bhopal, Indore), Uttarakhand, Chhattisgarh and Jharkhand.
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West India: Many centers in Maharashtra (Mumbai, Pune, Nagpur) and Gujarat.
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South India: Tamil Nadu (Chennai), Telangana (Hyderabad), Karnataka (Bengaluru), Andhra Pradesh and Kerala (Kochi, Thiruvananthapuram).
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North East and other regions: Jammu-Kashmir, Manipur and Bihar.
In these states, offices of all government, private, rural and cooperative banks including State Bank of India (SBI), Punjab National Bank (PNB), Bank of Baroda, HDFC Bank, ICICI and Axis Bank will remain closed.
Will digital banking, UPI and ATM services continue?
Despite the closure of branches, the general public will not face any major problems in financial transactions. The modern digital banking system operates uninterrupted 24 hours a day, seven days a week:
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UPI: Fund transfers and bill payments through Google Pay, PhonePe, Paytm and bank UPI apps will work as usual.
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Internet and Mobile Banking: The facility of sending money online through IMPS, NEFT and RTGS through NetBanking will continue without interruption.
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ATM & Cash Deposit Machines (ATM & CDM): The facility of cash withdrawal and deposit of cash in automated deposit machines will be available in all ATMs across the country.
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Credit and debit card swipe: Card payments can be made as usual on POS machines and online e-commerce shopping.
During branch closure, only those tasks will be affected for which personal presence at the bank counter is mandatory, such as making demand draft (DD), printing passbook, operating locker or depositing check at the counter.
Other upcoming bank holidays in the month of August
The last week of August is full of festivals, due to which banks are going to remain closed in some areas in the coming days as well:
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28 August (Friday): There will be bank holidays in many states including Uttar Pradesh, Rajasthan, Madhya Pradesh, Gujarat, Uttarakhand and Himachal Pradesh on the occasion of Raksha Bandhan, Pang-Lhabsol, Shri Narayana Guru Jayanti.
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30 August (Sunday): Due to weekly holiday, all banks across the country will remain completely closed.
If any of your important banking work is pending, take the help of digital means or complete it by visiting your nearest bank branch on the next working day.