Bank Holiday: February 20, marks a significant day for some Indian states as they celebrate their Statehood Day. This occasion marks the formation of new states and their official recognition within the Indian Union. Banks will observe a close in some Indian states because of the same reason. The closing is not limited only to banks but also include government offices, and other institutions.
Why And Where Is A Bank Holiday?
Arunachal Pradesh and Mizoram celebrate their Statehood Day today, February 20. Furthermore, to mark this occasion, all banks, including scheduled commercial banks, cooperative banks, and regional rural banks, will remain closed in these states. This is to comply with the guidelines of the Reserve Bank of India (RBI) under the Negotiable Instruments Act, 1881. However, online banking services and digital payment methods will be available for the customers.
Arunachal Pradesh: Arunachal Pradesh became an official state on February 20, 1987. Prior to this, Arunachal was a Union Territory from 1972 and even earlier, it was part of the North-East Frontier Agency (NEFA).
Mizoram: Mizoram was a union territory from 1972 and gained the status of full state on February 20, 1987.
Impact On Customers
Even though bank branches are closed in some states, customers can seamlessly use ATMs, online banking, mobile banking, and UPI to make transactions.
