In case you have any pending bank appointments, it might be better to get them sorted out today or schedule them for next week, as lenders across the country will be closed for three consecutive days this week. Not just banks but stock markets too will suspend trading.
Are you wondering why?
Banks closed on Friday, June 26
Majority of banks across the country will remain closed on Friday, June 26 in observance of Muharram. Banks will also be closed over the next two days for the weekend as it is the fourth Saturday and banks are anyway shut on Sunday.
However, lenders across some cities are likely continue with their usual operations. Banks across Ahmedabad, Bhubaneswar, Chandigarh, Dehradun, Gangtok, Guwahati , Imphal, Itanagar ,Jaipur ,Kochi, Kohima , Panaji , Shillong and Thiruvananthapuram will remain open on Friday.
While financial institutions across the national capital – New Delhi and financial capital of Mumbai will remain closed on June 25.
What is Muharram?
The occasion of Muharram is celebrated majorly amongst Shia muslims in remembrance of Imam Hussein. This is the first month of the Islamic calendar and marks the beginning of Islamic new year. It is observed amongst Shia and Sunni muslims differently.
What about stock exchanges?
Trading in equity markets will be suspended on Friday for the occasion of Muharram, which means investors cannot buy, sell or hold positions tomorrow. All the orders placed on NSE and BSE will settle on Monday, June 29, under the T+1 trading cycle.
Also trading in the currency derivatives will halt tomorrow. In the commodities segment, Multi Commodity Exchange (MCX) will observe partial closure as it will suspend trading for its morning session, which commences at 9:00 AM and concludes at 5:00 PM. However, trading on MCX will resume for its evening session (5:00 PM to 11:00 PM) to align with global market prices.
The National Commodity & Derivatives Exchange (NCDEX) will observe a full closure for Muharram.