HDFC Bank, Axis Bank to be closed on Jan 22 on account of Ram Mandir inauguration

Ram lalla idol

Major private sector lenders HDFC Bank and Axis Bank will remain closed for the complete day on January 22, 2024, on account of 'Ram Lalla Pran Pratishtha' ceremony being held in Ayodhya.

"The bank will be shut down for the full day on January 22, 2024 in Uttar Pradesh and Uttrakhand, "said senior executives of HDFC Bank exclusively to Moneycontrol on January 19.

"Axis Bank will be closed for the full day in Uttar Pradesh on Jan 22, "said a spokesperson of Axis Bank.

Earlier, the Finance Ministry in its order on January 18, had said that public sector banks, insurance companies, financial institutions, and regional rural banks (RRBs) across the country will remain closed for half a day on January 22 on the occasion of the Ram temple consecration ceremony in Ayodhya.

"The Ram Lalla Pran Pratishtha at Ayodhya will be celebrated on 22nd January 2024 across India. To enable employees to participate in the celebrations, it has been decided that all central government offices, central institutions, and central industrial establishments throughout India will be closed for half a day till 1430 hours on 22nd January 2024," the DOPT order said.

Reserve Bank of India (RBI) on January 19, said that the facility to exchange and deposit Rs 2000 banknotes will not be available on Monday, January 22, 2024, on account of the half-day closure of government offices.

However, the facility will resume on Tuesday, January 23, 2024, the RBI said in a statement. "At any of the 19 Issue Offices of the Reserve Bank of India due to the half-day closure announced by the Government of India, " the statement said.

Banks opening branches in Ayodhya seeing future business opportunities 

Several public and private sector banks are now looking to expand their physical presence near the Ram Janmabhoomi in Ayodhya and open ATMs or branches to cash in on the expected rise in business associated with the inauguration of the Ram temple. Banks expect the inflow of visitors to the temple post-inauguration to give them a business boost.

"In view of the upcoming business opportunities in Ayodhya City, the proposal of opening a new branch is under active consideration by the Bank. A decision in this regard will be soon shared with you,” said a spokesperson for J&K Bank.
On January 11, Moneycontrol had reported that at least two state-run banks are now looking to expand their physical presence near the Ram Janmabhoomi in Ayodhya and open ATMs or branches.

HDFC Bank, the country’s largest private sector lender, which has three branches in Ayodhya, is planning to open one more in a month and another by March. On January 1, it deployed two state-of-the-art ‘Bank on Wheels’ vans in Ayodhya. They will offer all kinds of banking services for customers and visitors arriving in the city for the consecration ceremony of the Shri Ram Temple. The ‘Bank(s) on Wheels’ will be deployed from January 17 to January 31.