 "Bank Holidays")
The new financial year 2025-26 begins on April 1 and several banks including State Bank of India (SBI) and HDFC Bank will observe a bank holiday today. This is an annual tradition tied to the closure for the previous financial year (2024-25) and this holiday is mandated by RBI.
The Reserve Bank of India (RBI) releases the holiday calendar every year to make sure banks can finalise their financial records seamlessly.
Why do banks observe the holiday on April 1?
April 1 is a holiday in major banks across the country due to “closing of accounts," which is a critical process where banks reconcile their transactions, update records, and prepare for the new fiscal year.
This practice is significant and common for scheduled and non-scheduled banks in major cities across the country. This closure affects India's most states and union territories, except banks in Meghalaya, Chhattisgarh, Mizoram, West Bengal, and Himachal Pradesh where banks will remain open today due to regional variations in the holiday schedule.
According to RBI guidelines, April 2025 also features additional bank holidays, which include regional festivals and the standard and fourth Saturdays. Customers are advised to plan their banking activities, especially tasks which require branch visits. The closure of banks on April 1 shows India's banking sector's fiscal discipline which is a practice rooted to ensuring transparency and accuracy of the country's transition into a new financial year.
Can online banking and ATMs remain open during Bank Holidays?
Yes, physical branches will remain closed today, ATMs, mobile banking, online banking, and bank apps for daily transactions will remain active even during holidays. However, cheques and promissory notes will not be available during these holidays.
Hence, people are advised to confirm their bank holiday schedule from the local bank branch and make necessary arrangements to deal with the extended closures or emergencies on particular dates.
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