Bank holiday in Maharashtra: Eid-e-Milad holiday changed; are banks closed or open on September 18, 2024 in Mumbai?

Are banks open on Monday, September 16, 2024, and closed on Wednesday, September 18, 2024 in Mumbai? Last week, the Maharashtra government rescheduled the Eid-e-Milad holiday in Mumbai from September 16, 2024, to September 18, 2024, due to overlap with Ganesh immersion. Following the decision, the Reserve Bank of India (RBI) said, "The public holiday on September 16, 2024, declared earlier has been cancelled."

The government securities market, foreign exchange market, money market and rupee interest rate derivatives market will now be operational on September 16, 2024 (Monday), the central bank added in a press release dated September 14, 2024.

Now the question is whether the bank branches will remain open on Monday, September 16, 2024, in the financial capital. RBI said in the press release, "The Government of Maharashtra has declared September 18, 2024, as a public holiday under Section 25 of the Negotiable Instruments Act, 1881."


Also Read: Public holiday change: No transactions, settlements in govt securities, forex, money markets on September 18, 2024, says RBI

Are banks open on Monday, September 18, 2024?

The State Bank of India (SBI), HDFC Bank, ICICI Bank and Axis Bank have confirmed that bank branches will remain open in Mumbai and the Mumbai metropolitan region on Monday, September 16, 2024. Additionally, HDFC bank branches will remain open in the Jalgaon, Dharashiv, and Beed districts of Maharashtra on Monday, September 16, 2024.
Keep in mind that public and private banks remained closed on Monday, September 16, 2024, for Eid-e-Milad in several places across the country.

Banks will be closed in Gujarat, Mizoram, Maharashtra, Karnataka, Tamil Nadu, Uttara Khand, Andhra Pradesh, Telangana, Manipur, Jammu, Kerala, Uttar Pradesh, New Delhi, Chhattisgarh, Jharkhand for Eid-e-Milad.

So if you are planning to visit your nearest bank branch on Monday, September 24, 2024, check the official list of bank holidays by RBI or bank branch whether they are open or not.

Are banks closed in Mumbai on Wednesday, September 18, 2024?

HDFC bank branches that are open today in Maharashtra, will be closed on Wednesday, September 18, 2024, the bank said. Likewise, the other public and private sector banks will remain closed in Mumbai and the Mumbai suburban region on September 18, 2024.
Banks will also remain closed in Sikkim on Wednesday, September 18, 2024, for Pang-Lhabsol, according to RBI.

RBI also said there will be no transactions and settlements in government securities, foreign exchange, money markets and rupee interest rate derivatives on September 18.

For stock market investors, Nithin Kamath, CEO of Zerodha said, "Today is a settlement holiday, and thus, settlements of funds and stocks don't happen. This happens when banks in Maharashtra are closed, but trading on exchanges is open. Most brokers don't allow shares bought on Friday to be sold on Monday because of this. We, Zerodha, are among the few brokers that allow you to sell stocks bought on Friday. By the way, due to the settlement holiday, your equity intraday profit credits and F&O credits aren't included in your trading balance or are not available for withdrawal today. And, Eid-e-Milad is shifted from the 16th to the 18th of September, and the 18th will also now be a settlement holiday. But the 16th continues to be a settlement holiday.