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On account of festival of colours Holi, banks to remain close for 4-days

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Holi, Holika Dahan, Dolyatra, Hazrath Ali Birthday, Festival of colours, List of Holidays, Banks to remain close, Business news

New Delhi: As we all know that whole nation is gearing up to celebrate festival of colours Holi, the banks throughout north India region will remain closed for at-least 4-to-5 days on account of festival celebrations from 19th to 24th March.

So today is the last day of banks functioning and might be all ATMs will run dry in coming few days. Now you all must feel worried about after reading this news content. Here we will guide you out which are those days on banks will remain closed.

 

Holi, Holika Dahan, Dolyatra, Hazrath Ali Birthday, Festival of colours, List of Holidays, Banks to remain close, Business news

 

Starting from 20th March, this day will be the non-functioning day of banks as Holika Dahan will be marked, followed by the next 21st that is Holi festival celebration day which will be celebrated along with Dolyatra and Hazrath Ali’s Birthday. Now on 22nd March i.e Friday and banks will open for just one day.

And again banks will remain will closed for next two days on account of Fourth Saturday of the month i.e 23rd March followed Sunday on 24th which is considered official holiday for all including banks.

 

Holi, Holika Dahan, Dolyatra, Hazrath Ali Birthday, Festival of colours, List of Holidays, Banks to remain close, Business news

 

So customers will not be able to conduct transactions in banks for 4 days in a row as they will be closed from Wednesday in many North Indian states excluding Southern India.

 

ATMs to run dry for 4-days as banks to observe holidays on festival of colours Holi:

 

However, according to officials, banks will try to ensure that ATMs remain operational during these holidays.

 

Holi, Holika Dahan, Dolyatra, Hazrath Ali Birthday, Festival of colours, List of Holidays, Banks to remain close, Business news

 

As we all know that from Wednesday holidays will began with Holika Dahan followed by celebrating the Holi festival next day along with by Hazrath Ali’s Birthday and the weekend.

Banks are closed on second and fourth Saturdays every month. Hence, 4 continuous offs for bank employees in several states.

 

Holi, Holika Dahan, Dolyatra, Hazrath Ali Birthday, Festival of colours, List of Holidays, Banks to remain close, Business news

 

In states like Tamil Nadu, Kerala and Karnataka, however, there will not be a holiday on Holi, as per the IBA website.

Banks are trying to ensure that ATMs remain operational during these days so that people don’t have any cash problem, a senior public sector bank official said. They are trying to put higher denomination notes in ATM machines to ensure meeting the cash demand, the official added.

 

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US ditches Indian currency money from monitoring list of trading

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India, China, United States, America, India currency rupee, Money, Dollar, Donald Trump, Currency monitoring, Macro Economic and Foreign Exchange, Business news

Washington: India has been removed from currency monitoring list of major trading by the US Treasury Department of Donald Trump administration because country has made improvements and developments.

India was placed for the first time by the US in its currency monitoring list of countries according to report in October 2018, the Treasury had said that India has made improvements and its name have been removed from the currency manipulation list in the next report.

Along with India other nation such as Switzerland has been removed by the US from its currency monitoring list which among others include China, Japan, South Korea, Germany, Italy, Ireland, Singapore, Malaysia and Vietnam.

 

India, China, United States, America, India currency rupee, Money, Dollar, Donald Trump, Currency monitoring, Macro Economic and Foreign Exchange, Business news

 

In latest semi-annual report on Macro Economic and Foreign Exchange policies of major trading partners of the US sent to the Congress the Treasury department said, “India has been removed from the monitoring list in this report, having met only one out of three criteria-a significant bilateral surplus with the US-for two consecutive reports.”

Further adding to this he said, “Neither Switzerland nor India met the criteria for having engaged in persistent, one-sided intervention in either the October 2018 report or this report. Both Switzerland and India have been removed from the monitoring list,” along it’s report running into over 40 pages.

 

US trumps Indian currency money from monitoring list of trading:

 

With new names on the list who added are Italy and Ireland from European Union (EU) and three Southeast Asian countries-Singapore, Malaysia and Vietnam.

The Department’s Currency which published report on May 28 says even 2 out of 3 measures for currency manipulation were tightened US again decided not to label China or any other country as a currency manipulator.

 

India, China, United States, America, India currency rupee, Money, Dollar, Donald Trump, Currency monitoring, Macro Economic and Foreign Exchange, Business news

 

In report Philip Wee, forex strategist at DBS Group Research said, “Washington’s restraint in not labeling China a currency manipulator was a relief.

Unfortunately, this would not be enough to offset the China-US trade tensions weighing on currencies.”

Meanwhile, Indian currency on Tuesday opened at 69.75 against the dollar, weaker than 69.6850 on close.

 

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