Today, November 14, several Indian cities will witness the closure of banks due to the celebration of Diwali and other associated festivities. While physical bank branches will be inaccessible, online banking services will continue to operate seamlessly, allowing customers to conduct e-transactions, check balances, and manage essential activities.
It’s important to note that not all states across the country will observe bank closures on Tuesday. According to the official Reserve Bank of India (RBI) list of holidays for November 2023, banks will remain closed in Gujarat, Maharashtra, Karnataka, and Sikkim for Diwali (Bali Pratipada) today.
Looking ahead to Wednesday, November 15, financial institutions will be closed in Sikkim, Manipur, Uttar Pradesh, Bengal, and Himachal Pradesh in observance of Bhai Dooj/Chitragupt Jayanti/Laxmi Puja (Deepawali)/Ningol Chakkouba/Bhratridwitiya.
The Reserve Bank of India categorizes bank holidays into three types: Holidays under the Negotiable Instruments Act, holidays under the Negotiable Instruments Act Real-Time Gross Settlement Holidays, and Banks’ Closing of Accounts.
In total, there are 15 bank holidays in November according to the Reserve Bank of India’s (RBI) holiday calendar. These include regular holidays such as the second and fourth Saturdays and Sundays. However, nine holidays are either festive or gazetted. It’s worth noting that some bank holidays are regional and may vary from state to state and bank to bank.
Meanwhile, the Indian stock market will also remain closed today, November 14, 2023, in observance of Diwali Balipratipada. Trading will be suspended in the equity segment, equity derivatives segment, and SLB segment. The currency derivatives market will also be closed for the day.
In the commodity segment, trading at the Multi Commodity Exchange (MCX) will be closed in the first half on Tuesday and will resume in the second half at around 5 p.m. during the evening session. Trading in the currency derivatives segment and interest rate derivatives segment will remain suspended throughout the day.
Balipratipada or Bali Padyami, celebrated on the fourth day of Diwali, marks the first day of the bright lunar fortnight in the Hindu month of Kartika. The day commemorates Lord Vishnu’s triumph against the demon-king Bali in the Vamana Avatar, as well as the demon-king’s return to the world.
