Today Bank Holiday or Not- Diwali Festivities Bring Multiple Bank Holidays Across Indian States
The festive season in India is in full swing, and with it comes a series of public holidays across the banking sector. Diwali celebrations this year began on October 31, with November 1 also marking Diwali festivities and Kannada Rajyotsava, resulting in bank closures across multiple states. These holidays are observed differently by region, as local customs and regulations influence holiday schedules. If you’re wondering if your bank is open on November 1, 2024, here’s everything you need to know about bank closures during Diwali week.
Bank Closures on November 1 for Diwali and Kannada Rajyotsava
On November 1, banks across certain states, including Karnataka, Tripura, Uttarakhand, Jammu & Kashmir, Maharashtra, Meghalaya, Sikkim, and Manipur, will remain closed for Diwali and Kannada Rajyotsava. This means that banking services will be unavailable in these states as they observe either Deepavali or other related festivities. In Karnataka, November 1 also marks Kannada Rajyotsava, celebrating the state’s formation, adding to the list of reasons for bank closures in the region.
While Diwali is celebrated nationwide, the dates of bank closures may differ by state. For instance, banks in some states closed on October 31 and will reopen on November 1, while others observe a holiday on November 1. These closures emphasize the region-specific nature of public holidays in India and underscore the need for customers to check local schedules to avoid any inconvenience.
Additional Bank Holidays on November 2 and 3
In addition to closures on November 1, certain regions will experience further bank holidays on November 2. For states like Gujarat, Maharashtra, Karnataka, Rajasthan, Sikkim, Uttarakhand, and Uttar Pradesh, banks will remain closed on this date for various festivals, including Laxmi Puja and Govardhan Puja, celebrated a day after Diwali. Although November 2 coincides with the first Saturday of the month—a day when banks usually remain open—this year, the holiday takes precedence, leading to an extended holiday for the banking sector in these states.
Furthermore, November 3 falls on a Sunday, a weekly holiday for banks across India, ensuring an additional day of closure. With the overlap of the Diwali festivities and regular weekly holidays, many bank customers will face a three-day break from in-person banking services. Those requiring essential banking services are advised to complete their transactions before the weekend.
Stock Market Closures for Diwali 2024
The Diwali holiday also impacts trading activities, with the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) observing a full-day closure on October 31, 2024. This closure applies to multiple segments, including the Equity Segment, Equity Derivative Segment, and SLB Segment. Trading in the Currency Derivatives Segment is also suspended for the Festival of Lights. However, a one-hour special Muhurat Trading session will be held on Friday evening, November 1, from 6:00 p.m. to 7:00 p.m., allowing investors to make auspicious trades during this brief window.
Today Bank Holiday or Not: Bank Holidays Schedule
November 2024 comes with several bank holidays across India. According to the Reserve Bank of India (RBI) holiday schedule, banks will observe around 12 holidays in November due to various regional festivals and observances. These include Diwali-related holidays, state-specific celebrations, and routine closures on all Sundays and the second and fourth Saturdays of the month. Customers are encouraged to check their state’s holiday schedule and plan their banking activities accordingly to avoid disruptions.
Planning Ahead for Bank Holidays
With extended bank closures over Diwali, customers are encouraged to utilize digital banking resources where possible and to plan their essential transactions accordingly. Regional holidays play a significant role in determining banking schedules across India, and checking local closures can help avoid disruptions to banking plans.
Read More: Delhi AQI to Hazardous Levels After Diwali: Impact of Fireworks and Enforcement Challenges
FAQs
1. Will banks in all states be closed on November 1, 2024?
No, banks will not be closed in all states on November 1, 2024. The holiday schedule varies by region. While states such as Karnataka, Tripura, Uttarakhand, Jammu & Kashmir, Maharashtra, Meghalaya, Sikkim, and Manipur will observe a bank holiday on November 1 due to Diwali, Kannada Rajyotsava, or Kut, banks in other states may remain open. Customers are advised to consult their local bank branches or the RBI’s November 2024 holiday list for specific details regarding closures in their area.
2. Are there any alternative ways to access banking services during the Diwali holidays?
Yes, despite physical bank branches being closed, customers can access a variety of digital banking services during the Diwali holidays. Online banking, mobile apps, and ATMs remain operational, enabling customers to perform transactions, pay bills, transfer funds, and check account balances. However, some processes that require in-person assistance, such as certain account services or cash transactions over specified limits, may require waiting until banks reopen. For time-sensitive banking needs, customers should complete transactions ahead of the holiday or plan for digital alternatives.
