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After a truncated week, due to a bank holiday on Wednesday, February 19, on account of Chhatrapati Shivaji Maharaj Jayanti, banks will be operational on February 20 and 21. As we approach yet another weekend, we ask the question, are banks open this Saturday?
Are Banks Open This Saturday?
The simple answer to the question is No, banks will not be operational this Saturday. Last week, the banks were open on account of it being the Third Saturday of the month.
Customers wanting to visit their banks for any services would have to wait for the next week to access their bank’s services
In a nation like India, which has a rich and varied realm in place, the banking system is the foundation of the economic system and is at the core of both micro and macro elements.
Strong and sizable public sector banks coexist with profitable private banking businesses throughout the nation. SBI is the largest lender, while HDFC, a private bank, is the biggest in terms of market capitalisation.
The previous holidays in the month of February include February 19, Wednesday, when banks in Maharashtra will remain closed on account of the Chhatrapati Shivaji Maharaj Jayanti.
Banks may also remain closed on February 26, Wednesday, on account of the Hindu festival of Maha Shivaratri.
What Can Consumers in Need Do?
All banks are open for virtual business on weekends and other holidays and are accessible. This is the case unless a bank’s customers or account holders are specifically informed otherwise.
These services can be accessed through mobile apps and internet websites of the associated banks.
Bank account holders can also take out cash from any Automated Teller Machine or ATMs of their own or any other bank(s). In case of any emergencies, it is advisable to communicate with the bank and reach out to customer care.
Services like ATMs, UPIs and other virtual means of transactions are not expected to be affected unless banks inform their customers otherwise for maintenance or security-related reasons.
Moreover, IMPS and NEFT services are also available for fund transfers and other financial transactions.
Nifty Bank
One of the most crucial indices, the Nifty Bank, the banking index has had a relatively underwhelming week. As of Thursday, February 20, the index continues to trade in red with cuts. In the past five trading sessions, the cumulative change experienced in the index stands at 0.04 per cent or Rs 19.45, taking the overall value to 49,362.80.
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