At the same time, on the occasion of Bakrid, banks will be closed on June 28 and 29.
According to a trader at a public sector bank, the value date for overnight USD/INR cash swap trades was June 27, rather than June 28.
The stock exchange of India announced on Tuesday that the equity market will be closed on Thursday on the occasion of Eid-Ul-Adha, rather than Wednesday as previously intended and that the holiday has also been shifted for the bond, money, and foreign exchange markets. The shift follows Maharashtra’s late Monday alteration of the Eid holiday date. While bond traders reported that a notification from the Clearing Corp of India Ltd (CCIL), which settles trades, stated that the holiday had been moved, there has been no communication from the FX market.
However, traders verified that the forex market would be closed on Thursday as well. According to a trader at a public sector bank, the value date for overnight USD/INR cash swap trades was June 27, rather than June 28.
The Reserve Bank of India is yet to issue an official statement and was not immediately available for comment. In the stock market, the National Stock Exchange announced that the expiry date for June futures and options contracts has been changed from June 29 to June 28. According to a trader at a private bank, the RBI has yet to release instructions on the auction timing and settlement deadlines for the debt market.
At the same time, on the occasion of Bakrid, banks will be closed on June 28 and 29. Banks across the country will not be closed on both days. Due to Bakrid celebrations on the 28th of June in some towns, there will be a holiday tomorrow, hence banks will be closed the day after tomorrow in cities where Bakrid is celebrated on the 29th of June.
On the occasion of Bakrid, banks in Belapur, Jammu, Kochi, Mumbai, Nagpur, Srinagar, and Thiruvananthapuram will be closed on June 28. Similarly, banks will be closed on June 29 in New Delhi, Srinagar, Chandigarh, Imphal, Jaipur, Ahmedabad, Agartala, Bengaluru, Aizawl, Panaji, Patna, Chennai, Dehradun, Hyderabad, Ranchi, Jammu, Kolkata, Lucknow, Shillong, Shimla, Bhopal, Guwahati, and Kanpur.
In July, banks will be closed for a total of 15 days. However, not all banks in all states would be closed for the entire 15-day period. According to the list, banks will be closed based on various state holidays. According to the bank holiday list, regional festivals would cause banking activities to be suspended solely in the affected state on that day. According to RBI, every bank has a weekly holiday i.e. Sunday and second and fourth Saturdays.
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