The Indian Banking paradigm is heading towards a crucial period,as the Indian fiscal year comes to a close. The Fiscal Year 2024-2025 or FY25 will conclude on March 31.
Are Banks Open This Saturday?
The simple answer to the question is no; banks will not be operational this Saturday. The banks will remain closed on account of it being the fourth Saturday of March. Last week, the banks were open.
This would mean that customers will have to wait out for a few more days, until Monday, before the bank consumers with the required amount of time to carry out bank-related activities.
The service industry employs a sizable portion of the Indian workforce, and many of the companies that use them have 5- and 6-day workweeks.
The banking index, the Nifty Bank, has made better progress in the past week, with major gains. As of Thursday, the cumulative gains made in the past 5 trading sessions amount to 1,524.05 points or a massive 3.15 per cent, taking the overall value to 49,866.50. | Image: Wikipedia (Representative)
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.
The banking index, the Nifty Bank has made better progress in the past week, with major gains. As of Thursday, the cumulative gains made in the past 5 trading sessions amount to 1,524.05 points or a massive 3.15 per cent, taking the overall value to 49,866.50.
The other holidays in March include Gudi Padwa, the celebration of the Marathi New Year on March 30. Following that the banks in the country will be closed on account of Id-ul-fitr on Monday, March 31.
What Can Consumers in Need Do?
All banks in the country are expected to be open for virtual business on weekends and other holidays and are accessible.
Bank's customers or account holders can access these virtual services unless specifically informed otherwise.
These services can be accessed through mobile apps and internet websites of the associated banks.
One can also take out cash from any Automated Teller Machines or ATMs of their own or any other bank(s). In case of 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.
