Multiple Indian banks will remain closed on the occasion of Janmashtami festival on Monday, 26th August. However, this holiday will not be observed uniformly across the country as some major cities will keep their banking services operational.
Krishna Janmashtami, also known as Krishnashtami, Janmashtami, or Gokulashtami is a Hindu festival that is celebrated to honour the birth of lord Krishna, the eighth avatar of Lord Vishnu. This Hindu festival is celebrated annually all across the country.
According to Reserve Bank of India (RBI) latest information, several financial institutes will remain close on the pious occasion of Janmashtami festival. India’s central bank and regulatory body RBI is responsible for the regulation of the Indian banking system. In India, RBI is the one to oversee the determination of bank holidays. This holiday of Janmashtami festival comes under the RBI’s recognized categories of bank closures.
The list of cities where banks will remain shut includes Lucknow, Kanpur, Ahmedabad, Bhopal, Bhubaneswar, Chennai, Dehradun, Gangtok, Hyderabad, Jaipur, Kolkata, Patna, Raipur, Ranchi, Shillong, Shimla, Srinagar, Jammu, and Chandigarh. Both public and private sector banks in these regions will get affected by this closure.
However, its important to note that financial institutes in the main financial hubs of the country such as Delhi and Mumbai will remain operational as usual on this day. Adding to that, Indian States including Maharashtra, Karnataka, Assam, Kerala, and Goa will also see normal banking operations on the occasion of Janmastami.
The Reserve Bank of India, has advised the public to cross check with their local branches for certain details, as bank holidays can vary from state to state, depending upon the regional considerations. Although, Physical branches will remain shut on this day, online and mobile banking services will remain operational as usual and customers will be able to perform multiple transactions remotely.
Additionally, ATM services will also remain functional during the holiday, and will ensure the access to cash withdrawal on this day. However, it is recommended, that the customers plan their banking activities in advance, in order to avoid any possible inconvenience.