Banking operations across several Indian states will come to a temporary halt this Saturday, October 28th, as financial institutions observe closures for multiple festive occasions including Dhanteras, Diwali celebrations, and the Kati Bihu festival in Assam.
Multiple Festivals Trigger Nationwide Bank Closures
The Reserve Bank of India has declared October 28th as a bank holiday under three distinct categories, affecting different regions of the country:
Dhanteras Celebrations
Considered one of the most auspicious days for wealth-related activities in Hindu tradition, Dhanteras will see bank closures across numerous states including Delhi, Mumbai, Chennai, Kolkata, and Bengaluru.
Diwali (Deepavali)
The festival of lights will keep banks shuttered in states like Karnataka, where Diwali is celebrated on October 28th.
Kati Bihu in Assam
This significant agricultural festival unique to Assam will result in bank closures throughout Guwahati and other parts of the state.
Which Banks Are Affected?
The holiday impacts all major public and private sector banks, including:
- State Bank of India (SBI)
- HDFC Bank
- ICICI Bank
- Axis Bank
- Punjab National Bank
- All other scheduled commercial banks
What Services Will Be Unavailable?
Customers should note that the following services will be affected:
- Branch banking operations
- Cash deposits and withdrawals at branches
- Check clearing services
- Loan processing at physical branches
Alternative Banking Options
While physical branches remain closed, customers can still access several banking services:
- Internet Banking: All online transactions will function normally
- Mobile Banking: App-based services remain operational
- ATMs: Cash machines will continue to operate 24/7
- UPI Payments: Digital transactions via UPI, NEFT, and RTGS will be available
The RBI releases a comprehensive list of bank holidays each year, categorizing them under the Negotiable Instruments Act, Real Time Gross Settlement, and Banks' Closing of Accounts. This Saturday's closure falls under these regulatory provisions, ensuring synchronized banking operations across the country.
Banking services are expected to resume normally from Monday, October 30th, following the weekend break. Customers are advised to plan their financial transactions accordingly and utilize digital banking channels for urgent requirements during the holiday period.
