Eid e Milad Holiday Change on September 8: stock markets, banks open in Maharashtra today
The Reserve Bank of India moved the public holiday in the Maharashtra for Eid-E-Milad from September 5 to September 8, following a statement from the State government to avoid a confrontation with Ganpati’s immersion processes.
In a notification, the RBI confirmed that all the financial market operations – including transactions in government securities, currencies, money markets and rupee interest rate derivatives – will remain open on September 5 and will now be suspended on September 8 on the observation of revised public holidays.
The revision comes after the Maharashtra general department of general administration declared a change in the EID-E-Milad holiday date for Mumbai and its suburbs. The quarter of work was caused by a decision of the Muslim community to hold processions on September 8, guaranteeing coordination gently with the festivities of Aunant Chaturdashi on September 6.
Following the update, all the financial regulations due on Monday September 8 will be postponed to Tuesday September 9, noted the RBI. In addition, all SDF and MSF offers placed on September 4 will be reversed on September 5. These liquidity windows will continue to operate normally every other days, said the central bank.
The holidays listed earlier for September 5 were canceled for the financial markets, which will now work as usual on this date. However, the September 5 holidays will always apply in districts outside of Mumbai and its suburbs, according to the circular of the government of the State.
Coordination between religious observances and state administrative planning highlights the complexity of public holiday management in a diversified state like the Maharashtra. The RBI rapid revision guarantees the stability of the financial market in the middle of the change of the calendar.
