STOCK MARKET BSE NSE

Stock Up on Cash as Possible Four-day Bank Off Window Opens This Friday

The holiday sequence begins on Thursday as the country will be celebrating Holi, followed by Good Friday and the weekend.

Published: 22nd March 2016 03:43 AM  |   Last Updated: 22nd March 2016 03:52 AM   |  A+A-

NEW DELHI: With a series of bank holidays lined up from Thursday, you can’t do any bank transaction at your branch for four to five days, depending on your geographic location.

The holiday sequence begins on Thursday as the country will be celebrating the festival of colours — Holi, followed by Good Friday and the weekend.

- Four Day Bank Holiday Starts From Thursday

Southern states will be affected at least for three days beginning with Good Friday. Since banks are closed on the second and fourth Saturdays of each month, that is the second off day. And, of course, you have Sunday.

Add to that the possibility of a nationwide bank strike on Monday to oppose IDBI Bank’s privatisation, which will mean four off days in a row.

The All India Bank Employees Association (AIBEA) and All India Bank Officers Association (AIBOA) — both having substantial footprint across all banks — have given the strike call. While Holi holiday applies to the North, it will be a working day in South India.

For their part, banks have claimed that customers won’t face any problems in accessing cash through ATMs, since they will be fully loaded and operational.

But if past experience is anything to go by, even fully loaded ATMs could run dry by the end of the first day, leaving customers badly short of cash by the time the bank holidays get over. The spate of holidays will delay cheque clearances and loan

delivery. Online fund transfers, which are routed through the Reserve Bank’s electronic platforms, will also not take place on those days.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp