Is Friday a Banking Holiday in Maharashtra? Bank Holiday Alert

Is Friday a Banking Holiday in Maharashtra: The state government of Maharashtra has proclaimed Friday, September 29, a public holiday, as opposed to the earlier-announced public holiday on Thursday, September 28.

Is Friday a Banking Holiday in Maharashtra?

The decision was made as a result of Anant Chaturdashi and Eid-e-Milad falling on the same day, September 28th, according to a post from CMO Maharashtra on microblogging platform X (formerly Twitter).

“Under Section 25 of the Negotiable Instruments Act of 1881, the Government of Maharashtra has declared September 29, 2023 a public holiday. The previously announced public holiday on September 28, 2023 has been canceled, the Reserve Bank of India (RBI) announced in a press release.

In order to “ensure smooth functioning of the financial markets and non-disruptive settlement of transactions, especially in view of the quarter/half year-end, it has been decided, in the public interest, to keep the Government securities market, foreign exchange market, money market, and rupee interest rate derivatives market operational on September 29, 2023, in addition to being operational on September 28, 2023,” the RBI said.

“The settlement date for the auction of Government of India Treasury Bills held on September 27, 2023 is September 29, 2023. The Government of India Dated Securities auction originally scheduled for September 29, 2023 will now take place on September 28, 2023, with settlement occurring on September 29, 2023. In addition, the underwriting auction for the sale of government securities will be held on September 28, 2023, according to the document.

In addition, the settlement of secondary market transactions in government securities, the foreign exchange market, the money market, and the rupee interest rate derivatives market that were due on September 29 will remain on the same date, namely September 29.