Bank Holidays in November: Check If Your State Is Affected and Plan Ahead
Banks in certain states across India will be closed on the occasion of Diwali and Bhai Dooj this month. As per the official Reserve Bank of India (RBI) list of holidays for November 2023, banks will remain closed in Gujarat, Maharashtra, Karnataka, and Sikkim on Tuesday, November 14, for Diwali (Bali Pratipada). Furthermore, on Wednesday, November 15, financial institutions will be closed in Sikkim, Manipur, Uttar Pradesh, Bengal, and Himachal Pradesh for 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, banks will be closed for 15 days in November, including the regular holidays such as the second and fourth Saturdays and Sundays.
It is important to note that bank holidays may vary from state to state and also across different banks.
In addition to banks, the Indian stock market will also remain closed on November 14, 2023, in observance of Diwali Balipratipada. No trading will take place in the equity segment, equity derivatives segment, and SLB segment. The currency derivatives market will also be shut for trading on this day.
For those involved in commodities trading, the Multi Commodity Exchange (MCX) will be closed in the first half of Tuesday and will resume in the second half at around 5 p.m. 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 beginning of the bright lunar fortnight in the Hindu month of Kartika. The day commemorates Lord Vishnu’s victory over the demon-king Bali in the Vamana Avatar, as well as the demon king’s return to the world.
In conclusion, if you have any banking needs or are involved in trading, it is essential to check if your state is affected by the bank holidays in November. Stay informed and plan ahead to avoid any inconvenience.
