In observance of Muharram, some states will have bank closures on July 29, 2023. Bank customers need to plan their schedules accordingly if they need to visit branches on that day. Muharram is the first month of the Islamic New Year and its tenth day holds great significance for the Muslim community. The states where banks will be closed include Tripura, Gujarat, Mizoram, Maharashtra, Karnataka, Madhya Pradesh, Tamil Nadu, Hyderabad, Rajasthan, Uttar Pradesh, Bangladesh, Lucknow, New Delhi, Bihar, Chhattisgarh, and Jharkhand.
In Jammu and Kashmir, Muharram is celebrated on July 28. It’s important to note that banks in India are already closed on Sundays and the second and fourth Saturdays. Furthermore, in August, there will be a total of 14 bank holidays, including Sundays and the second and fourth Saturdays. Additionally, each state has its own specific holidays in August such as Tendong Lho Rum Faat, Parsi New Year, Onam, Raksha Bandhan, etc.
The Reserve Bank of India (RBI) designates bank holidays based on the Negotiable Instruments Act, Real-Time Gross Settlement Holiday, and Banks’ Closing of Accounts. Many financial transactions, such as checkbook requests, account balance inquiries, and passbook updates, can be easily conducted through net banking.
A Brief History of Muharram
Muharram originated in the 7th century when Imam Hussain, the grandson of Prophet Muhammad, was martyred in the Battle of Karbala. Ashura, the event commemorating Imam Hussain’s sacrifice, is a day of mourning observed by Muslims worldwide. Muslims observe this day by fasting, praying, singing hymns, and participating in processions.
Also read | Bank Holidays in August 2023: 14 non-working days lined up next month | Complete list here
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
