Soon in the coming week banking sector will be going on 4 days long holiday. Starting from March 24th bank will be closed till March 27th. The row of holidays is coming up keeping business closed for four days back to back in many parts of the country.
In the upcoming festive season March 24 is Holi, hence it’s a public holiday. March 25 is Good Friday which is again a public holiday, March 26th will also be a holiday for banking sector as it’s a fourth Saturday (second and fourth Saturdays of a month are holidays for government-owned banks) and March 27 being Sunday bank will be closed.
The banking sector will be going on a long vacation, which will affect the business transactions at least for next week. ATM holders will have to suffer the most as ATMs are expected to run out of cash within two days after cash infusion, if they are not replenished with sufficient cash to last the holiday period. Simultaneously, other banking activities will take a halt for 4 days.
Although most of the banks have privatised cash loading in ATMs, they had to plan stocking of cash carefully, with the holidays lined up in a row; there could be problems of cash starvation.
At least in the states like Bihar, Uttar Pradesh, West Bengal, Orissa, Northeast India and West Bengal the proper cash stocking will be essential because of the continuous holidays.
So, it will be better if we complete all bank-related work before March 23rd which will be followed by a long weekend.