The Reserve Bank of India has announced 14 bank holidays for the month of April in different states, including Sundays, second and fourth Saturdays, and public holidays. This schedule is overseen by the RBI and respective state governments. Bank closures will be observed on various occasions such as Easter Day, Babu Jagjivan Ram's Birthday, Gudhi Padwa, Ugadi Festival, Id-ul-Fitr, Ramzan-Id, Bohag Bihu, Baisakhi, Biju Festival, and Ram Navami. Citizens in affected states should plan accordingly for any banking needs during these holidays.
Bank Holidays in April 2024: RBI Declares 14 Days of Banking Closures
The Reserve Bank of India (RBI) has announced the schedule of bank holidays for April 2024, comprising 14 days of closures. This schedule is formulated by the RBI in collaboration with state governments, factoring in various regional and national holidays.
The bank closures will cover Sundays, second and fourth Saturdays, and several public holidays, including religious festivals and commemorative occasions. The specific dates and reasons for closures are as follows:
Impact on Banking Services
The bank holidays will impact banking operations in the affected states. Citizens are advised to plan their financial transactions accordingly and consider using alternative banking channels such as online banking, mobile banking, and ATMs.
Top 5 FAQs on Bank Holidays 2024
Which states will observe bank holidays in April 2024?
How do I find out the specific bank holiday dates for my state?
Will all bank branches be closed on these days?
Can I use ATMs on bank holidays?
Are schools and other businesses also closed on bank holidays?
India secured the top spot in the World Test Championship standings with a percentage of points won of 61.11%. This was achieved after their 295-run victory over Australia in the first Border-Gavaskar Test in Perth. Australia, who were previously at the top, have slipped to second position, while India needs three wins in the remaining four matches to secure a spot in the WTC final. The victory is significant for the team, as it is their biggest Test win in Australia.
The Central government has announced the launch of PAN 2.0 Project, an upgrade of the current PAN/TAN system, as part of its Digital India initiative. The project aims to provide taxpayers with a new PAN card with a QR code feature, ensuring a more efficient and technology-driven process for taxpayer registration. The government will be investing 1435 crore in the project, promising benefits such as improved service delivery, data consistency, and a unified portal for ease of access.
Indian equities continued their upward trend for the second day, with Nifty and Sensex both registering gains of over 1.5%. Bank Nifty also saw an increase of nearly 2%, led by gains in HDFC Bank, ICICI Bank, SBI and Axis Bank. This surge can be attributed to the positive sentiment post the state election results, which have been deemed as highly positive for the market. Analysts predict that the rally may continue for a few more days, driven by short covering and bullish momentum. Meanwhile, Asian markets also traded in the green as the US Treasury secretary selection caused a downward movement in the dollar and bond yields.
HDFC Bank's stock soared to an all-time high as it received a delivery-based buying of Rs 31,135 crore as part of MSCI rebalancing. The private lender recorded a delivery volume of 17.4 crore shares, with a delivery percentage of over 81%, driving its market capitalisation to reach an impressive Rs 13.57 lakh crore. The November round of MSCI indices rejig is expected to bring in foreign passive flows of $2.5 billion, boosting the bank's weightage in the Global Standard Index. This news has attracted the attention of investors, with BSE Ltd. also recording a high delivery turnover worth Rs 2,928 crore.
Hindustan Unilever Limited (HUL) has recently separated its ice cream business, with a valuation exercise already completed. However, the move has faced complications as a panel formed by HUL to evaluate the prospects of this business has discovered that softy ice cream mix is subject to an 18% GST. In addition, a video showing tampering of Amul ice cream has resurfaced, causing concerns for GCMMF. These developments, along with HUL's earnings and FII outflows, have contributed to a fall in the markets for the fourth day in a row. Despite this, there is a silver lining as the Sensex has rebounded, with FMCG seeing growth and Adani Energy receiving a SEBI notice for its shareholding categorization.
In a significant move, India will see its weight in the MSCI Emerging Markets Index rise from 19.3% to 19.8% in 2024, leading to an estimated $2.5 billion in passive foreign inflows. This increase is largely due to notable upgrades for several Indian companies, including Kalyan Jewellers India Ltd., Voltas Ltd., and BSE Ltd. With no Indian stocks removed, India's total representation in the index expands to 156, and an additional 13 Indian stocks have been added to the MSCI Small-Cap Index. This surge in representation not only boosts India's weight in the index but also signals potential for further growth and upgrades in the future, solidifying its position in global markets.
The much-awaited IPO of NTPC Green Energy is set to be finalised today, with allotment messages being sent to investors. The grey market premium has seen a slight increase over the weekend, with the stock currently trading at a premium of 2.78%. The listing date is scheduled for November 27 and interested investors can check the official IPO allotment status on various platforms such as BSE, NSE, and Kfin Technologies. Additionally, the allotment status can also be checked easily by following certain steps.
Following a recent post by a user named "DogeDesigner," which claimed that X had become the #1 news app on Apple's AppStore in India, billionaire Elon Musk confirmed the news. Musk acquired X, formerly known as Twitter, in October of 2022 for $44 billion. According to Statista.com, India ranks third in the world for the number of Twitter users, with over 25 million users. After the announcement, Musk's followers praised the platform, with users from Australia, Germany, Brazil, and India congratulating X on its achievement. This comes after a mass exodus of users from X to alternative platforms, like Bluesky, after the 2024 United States presidential election.
Delhi-based water and wastewater management provider, Enviro Infra Engineers Ltd., launched its initial public offering on Friday, which was fully subscribed at 2.08 times. As of Monday, the IPO has been subscribed 8.34 times, with a grey market premium of Rs 52 and an estimated listing price of Rs 200 per share. The company aims to raise Rs 650.43 crore through the public issue, with a price band of Rs 140-148 per share and a minimum bid requirement of 101 shares. Enviro Infra had previously raised Rs 195 crore from anchor investors and its IPO will close on November 26, with a fresh issue of Rs 572.46 crore.
In a groundbreaking partnership, Octaviant Financial and Starr Insurance have teamed up with Marsh to offer drug warranty services for pharmaceutical companies. Through their subsidiary, Actuaria Insurance Services LLC, Octaviant will provide comprehensive drug warranties, backed by Starr as the lead underwriter. These warranties are issued directly to end payers, providing them with financial recovery if a patient does not achieve the intended benefits from a high-cost therapy. As pharmaceutical companies continue to develop advanced therapies with high price tags, this partnership offers a solution to address concerns from payers and promote confidence in these innovative treatments.