The Reserve Bank of India (RBI) has announced that all banks in the stated jurisdictions will be closed over a total of 19 days in December, including half-hourly rest times as well as consolatory Saturdays and Sundays. As a result, these holidays are added in accordance with the local holidays in the jurisdictions.
Causes Why Banks Will Be Closed for 19 Days
A period of about nineteen days does not at all signify that all banks in India will come to a close all at the same time. It depicts counts of holidays jointly put on by numerous states associated with the marking of regional festivals, local events, and national activities. Combined weekly off from shops make the perfect set on these days. These days off include those classified by the RBI under the Negotiable Instruments Act, RTGS holiday, state-wise restrictions, and clear notification to customers and employees.
Key Days in December
December exceedingly finds plenty of important festivals and regional days. Nowadays, depending upon the state, such days include Christmas, Guru Tegh Bahadur’s Martyrdom Day, and a few regional festivals. Thus, existence of normal weekly holidays adds to the holiday crunch. The various services such as ATM, Net banking, and Mobile banking will be in full, hence customers should not be worried about them while the branches are closed.
Effects on Banking Services
Services such as cash deposits, cheque clearances as well as documentation related to loans will be affected in days when physical branch visits are required. Taking precaution on cheque transactions is therefore advised due to the possibility that around those dates, the processing would take longer. The RBI has directed customers to utilize digital banking channels throughout holiday periods to make sure that financial transactions are hassle-free.
Prepare for December
There is a need to plan in advance when 19 days are off in that month. Check the holiday list of the state to be fully aware of the dates when branches stay closed in your region. It would be wise to stay abreast through the RBI website or notices of the banking organization, so no complications will occur at the last minute. It is more than obvious from the lengthening of the holiday period in December that digital banking is the more viable option.