Diwali is just around the corner, prompting a substantial rush at both private and public sector banks. Traders and citizens are visiting banks to exchange money, gearing up for the holiday’s anticipated heavy spending. With bonuses and salaries recently deposited, a significant increase in purchases is expected during this festive season. However, customers should be aware that banks will be closed for several days in celebration of Diwali.
With banks set to remain closed for the Diwali holidays, many customers will be relying on UPIs and ATMs for their transactions. In certain states, October 31 has been designated as a holiday, while others will observe a holiday on November 1. Diwali festivities begin on October 28, marking Vasubaras, followed by Dhantrayodashi on October 29 and Naraka Chaturdashi on the 31st. Notably, banks in Maharashtra will remain open on these three significant days.
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Bank Closures During DiwaliBanks in Maharashtra will observe a closure for three consecutive days—November 1, November 2, and November 3 (Sunday). Additionally, October 31 will be a holiday for banks across both South and North India. In other states, November 1-3 has also been declared as holidays.
Estimated Diwali SpendingThis year, the Confederation of All India Traders (CAIT) has projected a remarkable turnover of ₹4.25 lakh crore during the Diwali festivities. Celebrated with great enthusiasm across the country by the end of October, the festival sees lakhs of rupees spent on home decorations, pavilions, lighting, worship materials, flowers, fruits, jewelry, and food items, contributing significantly to the economy.