Bank Holiday: Banks will remain closed tomorrow, Thursday 16th November, know why RBI gave the holiday

If you are planning any bank related work on Thursday 16th November, then you will have to postpone it, because Banks will remain closed on this day. The Reserve Bank of India (RBI) has declared 16 November 2023 as a bank holiday in select states. This holiday has been declared keeping in mind various regional festivals and local traditions.

It is important to know that this holiday will not be applicable for all states. Let us know, Why has this leave been given?which states will be affected, and what you should keep in mind.

Holidays as per RBI rules

The Reserve Bank of India (RBI) releases the list of holidays for banks every year. these holidays Negotiable Instruments Act, 1881 and are classified into three major categories:

1. Holidays under Negotiable Instruments Act.
2. Real-Time Gross Settlement (RTGS) Holiday.
3. Public holidays (at national and state level).

The holiday of November 16 is mainly for festivals and local traditions celebrated at the regional level.

Why is there a bank holiday on 16th November?

16 November 2023 Banks will remain closed in some states keeping in mind special festivals and local celebrations. This day has been declared a holiday in different states for different reasons.

• Chhath Puja: Chhath Puja is celebrated with great pomp in states like Bihar, Jharkhand, and Uttar Pradesh. On the occasion of Chhath Puja on 16th November ‘Surya Shashthi’ Has special significance, due to which there will be a holiday for banks in these states.
• Other regional festivals: In some states, a holiday has also been declared due to local traditions and festivals.

This holiday will be applicable only in some states, where this festival is widely celebrated.

In which states will banks remain closed?

The bank holiday of November 16 will be applicable only in select states. Here is the list of states where banks will remain closed on this day:

• Bihar
• Jharkhand
• Uttar Pradesh

If you live in these states or are associated with the banks of these states, then complete any bank related work on this day before or on the next day.

impact of bank holiday

Bank closure affects not only banking services but also other financial activities. Let us know which services may be affected during this holiday:

1. Services of Bank Branches:

• Cash deposits and withdrawals will not be possible.
• Check clearance and draft services will remain closed.
• All over the counter services will not be available.

2. Digital Banking:

Although, net banking, UPIAnd ATM services Will continue. In such a situation, you can settle your important transactions by using digital mediums.

3. Government work:

There may also be holidays in government offices and other institutions in the states, due to which government work related to banks may be affected.

Important things for investors and customers

If you’re planning any banking or financial transactions around November 16, keep these things in mind:

1. Prepare in advance:

   If you need cash before vacation, withdraw it in advance.

2. Delay in check clearance:

   Check clearance may take an additional working day due to the holiday on November 16.

3. Use Digital Banking:

   Avail digital banking, UPI and mobile banking services during the holiday.

4. Interstate Transactions:

   If your bank account is in a state without a holiday, normal banking services may be available.