Are banks in Maharashtra shut today?

Eid-e-Milad bank holiday in Maharashtra: Banks in Maharashtra will be closed today, September 29, declared a public holiday by the state government instead of a public holiday on September 28 announced earlier.

A post from CMO Maharashtra on microblogging site X (formerly Twitter) said that the decision has been taken in the wake of Anant Chaturdashi and Eid-e-Milad falling on the same day on September 28.

The State Govt has declared public holiday on Friday 29th Sept on the occasion of Eid-e-Milad.
This decision has been taken in the wake of Anant Chaturdashi and Eid e Milad falling on the same day i.e. tomorrow on 28th.
All India Khilafat Committee has requested CM…

— CMO Maharashtra (@CMOMaharashtra) September 27, 2023

"The Government of Maharashtra has declared September 29, 2023 as a public holiday under Section 25 of the Negotiable Instruments Act, 1881. The public holiday on September 28, 2023 declared earlier has been cancelled," the Reserve Bank of India (RBI) said in a press release.

The step has been taken to "ensure smooth functioning of the financial markets and non-disruptive settlement of transactions especially in view of the quarter/half year-end, it has been decided, in public interest, to keep the Government securities market, foreign exchange market, money market and rupee interest rate derivatives market operational on September 29, 2023 in addition to being operational on September 28, 2023," the RBI said.  

"Settlement of the auction of Government of India treasury bills conducted on September 27, 2023 will take place on September 29, 2023. The auction of Government of India Dated Securities scheduled on September 29, 2023 will now be conducted on September 28, 2023, with settlement on September 29, 2023. The underwriting auction for the sale of Government Securities will also be conducted on September 28, 2023," it added.

Change in Public Holiday under Negotiable Instrument Act – Settlement of financial market transactions on September 29, 2023https://t.co/yPe81fGAyz

— ReserveBankOfIndia (@RBI) September 27, 2023

In addition, the settlement of secondary market transactions in government securities, foreign exchange market, money market, and rupee interest rate derivatives market which were due on September 29 will continue to be on the same day i.e., September 29.

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