The law allows public schools and community colleges to close for Diwali. State employees can choose to take the day off, and public school students will receive an excused absence to celebrate.
All government offices will remain closed on this day, an official statement said.
Lata Mangeshkar, a legendary singer, who mesmerised millions with her golden voice, died at 92.
The Maharashtra government announced a public holiday as well as one-day mourning on February 7 as a mark of respect to melody queen Lata Mangeshkar, who passed away on February 6.
"Processing of future value dated transactions with value date falling on second and fourth Saturdays will not be undertaken under RTGS," RBI said.