Individuals who have EMIs that are automatically deducted from their accounts, will have to replenish their accounts to avoid missing payments.
Most lenders will be closing shutters for an extended break this Diwali, and for customers eager to meet financial obligations that require offline banking services, today could be the last day. The festive season, a period marked by greater household spending, will see money change hands without the direct involvement of banks.
With Diwali falling on November 7, banks in Maharashtra will remain closed on the occasion, as well on November 8, 10, and 11. An Axis Bank official said that branches in Maharashtra and Karnataka will remain closed on the four aforementioned dates. However, the banking calendar is different across geographies. Branches of Axis Bank in Kerala will be closed only on November 6.
When contacted, a Yes Bank official said that branches will remain shut on November 7 and 8 in Maharashtra, while in the north of India, it will remain open on November 8.
In the financial capital, Mumbai, banks will be open on November 9, bookended by two days of holidays. However, ATM replenishment will not be impeded, thereby ensuring that there is no cash crunch for festive shoppers who use cash for transacting.