Banking operations across multiple Indian states have come to a halt today, Friday, January 12, 2024, as financial institutions observe a holiday on the occasion of Swami Vivekananda's birth anniversary. This holiday is part of the Reserve Bank of India's (RBI) official calendar for the current year, impacting transactions and branch services in specific regions.
Which States Are Observing the Bank Holiday Today?
The holiday on January 12 is not a nationwide bank closure. It is classified under the Negotiable Instruments Act and is applicable only in states that have declared it as a public holiday. According to the RBI's 2024 holiday list, the states where banks are closed today include:
- West Bengal
- Karnataka
- Tamil Nadu
- Assam
- Tripura
- Odisha
In all other states and union territories, banks are expected to operate normally. Customers in cities like Mumbai, Delhi, and Gujarat can visit their branches for regular services.
Impact on Banking Services and Digital Alternatives
In the states observing the holiday, all physical bank branches will remain shut. This means services such as cash deposits, withdrawals, cheque clearing, and new account openings at counters will be unavailable for the day.
However, the RBI mandates that certain critical digital and electronic banking channels must remain functional 24/7, regardless of holidays. Customers can continue to use:
- Internet Banking and mobile banking apps for fund transfers and bill payments.
- ATMs for cash withdrawals, though replenishment might be delayed.
- UPI platforms like Google Pay, PhonePe, and BHIM for instant payments.
- Debit and Credit Cards for online and POS transactions.
It is advisable for customers, especially in the affected states, to plan their financial activities in advance. Any time-sensitive tasks requiring branch intervention should be scheduled for the next working day.
Understanding RBI's Holiday Categorization
The Reserve Bank of India categorizes holidays under three brackets: Holiday under Negotiable Instruments Act, Holiday under Negotiable Instruments Act and Real Time Gross Settlement (RTGS), and Banks' Closing of Accounts. Today's holiday falls under the first category.
This structure ensures that while traditional banking may pause in some regions, the larger financial infrastructure, including stock markets and digital settlement systems, often continues to operate. The next bank holiday on the RBI calendar is for Republic Day on January 26, which will be observed nationwide.
For the public, staying informed about these state-specific holidays is crucial to avoid inconvenience. Always check the official RBI holiday list or confirm with your local bank branch for closures in your area before planning a visit.
